New Corp Issues 2,000 Shares of $10 Par Value Common Stock

question 29

Multiple Choice

New Corp. issues 2,000 shares of $10 par value common stock at $16 per share. When the transaction is recorded, credits are made to

• A) Common Stock $20,000 and Paid-in Capital in Excess of Stated Value $12,000.
• B) Common Stock $32,000.
• C) Common Stock $20,000 and Paid-in Capital in Excess of Par $12,000.
• D) Common Stock $20,000 and Retained Earnings $12,000.

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Definitions:

Pineal Gland

Endocrine gland located in the brain.

Cerebral Cortex

The outer layer of neural tissue of the cerebrum of the brain, playing a key role in memory, attention, perception, cognition, awareness, thought, language, and consciousness.

Limbic System

A complex system of nerves and networks in the brain, involved with instinct and mood. It controls the basic emotions and drives.

Long-Term Potentiation

An enduring increase in signal transmission between two neurons that results from stimulating them synchronously; essential for learning and memory.