If Kiner Company Issues 3,000 Shares of $5 Par Value

question 25

Multiple Choice

If Kiner Company issues 3,000 shares of $5 par value common stock for $70,000, the account

• A) Common Stock will be credited for $15,000.
• B) Paid-in Capital in Excess of Par Value will be credited for $15,000.
• C) Paid-in Capital in Excess of Par Value will be credited for $70,000.
• D) Cash will be debited for $55,000.

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