Dailey Company Is a Publicly Held Corporation Whose $1 Par

question 194

Multiple Choice

Dailey Company is a publicly held corporation whose $1 par value stock is actively traded at $22 per share. The company issued 2,000 shares of stock to acquire land recently advertised at $55,000. When recording this transaction, Dailey Company will

• A) debit Land for $55,000.
• B) credit Common Stock for $44,000.
• C) debit Land for $44,000.
• D) credit Paid-In Capital in Excess of Par Value for $53,000.