Carson Packaging Corporation Began Business in 2015 by Issuing 30,000

question 19

Multiple Choice

Carson Packaging Corporation began business in 2015 by issuing 30,000 shares of $3 par common stock for $8 per share and 12,000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $12. On its December 31, 2015 balance sheet, Carson Packaging would report

• A)Common Stock of $360,000.
• B)Common Stock of $90,000.
• C)Common Stock of $240,000.
• D)Paid-In Capital of $90,000.

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Definitions:

Avery

Avery refers to Oswald Avery, a scientist known for demonstrating that DNA is the substance that causes bacterial transformation.

Hershey and Chase

Scientists who conducted experiments in 1952 proving that DNA, not protein, is the genetic material in bacteriophages.

Polynucleotide Strand

A sequence of nucleotides that forms part of a nucleic acid molecule.

Template Strand

The strand of DNA that serves as the guide for the synthesis of messenger RNA during transcription.