If Norben Company Issues 6,000 Shares of $5 Par Value

question 148

Multiple Choice

If Norben Company issues 6,000 shares of $5 par value common stock for $210,000, the account

• A)Common Stock will be credited for $210,000.
• B)Paid-in Capital in Excess of Par Value will be credited for $30,000.
• C)Paid-in Capital in Excess of Par Value will be credited for $180,000.
• D)Cash will be debited for $180,000.

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Definitions:

2-Year Institution

A post-secondary institution offering up to two years of academic or vocational education, often referred to as a community college.

Cognitive Affective Complexity

The ability to experience and understand complex emotions simultaneously and the capacity to integrate this emotional awareness into cognitive processes.

Reflective Judgment

The cognitive process involved in critically evaluating the validity of differing viewpoints on complex issues.

Relativistic Thinking

The understanding that knowledge and truth are not absolute but can vary based on context and perspective.