Barton Company Is a Publicly Held Corporation Whose $1 Par

question 279

Multiple Choice

Barton Company is a publicly held corporation whose $1 par value stock is actively traded at $31 per share. The company issued 3,000 shares of stock to acquire land recently advertised at $100,000. When recording this transaction, Barton Company will

• A) debit Land for $100,000.
• B) credit Common Stock for $93,000.
• C) debit Land for $93,000.
• D) credit Paid-In Capital in Excess of Par for $93,000.

---

Definitions:

Trachea

A tube that connects the larynx to the bronchi, providing air flow to and from the lungs for respiration.

Esophagus

A muscular tube that connects the throat (pharynx) with the stomach, serving as a passageway for food and liquids.

Lamina Propria

A layer of connective tissue located beneath the epithelium of mucous membranes.

Muscularis Mucosae

A thin layer of muscle found in the mucosal layer of the gastrointestinal tract wall, contributing to the local movement of the mucosa.