Alt Corp Issues 3,000 Shares of $10 Par Value Common Stock

question 277

Multiple Choice

Alt Corp. issues 3,000 shares of $10 par value common stock at $14 per share. When the transaction is recorded, credits are made to:

• A) Common Stock $30,000 and Paid-in Capital in Excess of Stated Value $12,000.
• B) Common Stock $28,000.
• C) Common Stock $30,000 and Paid-in Capital in Excess of Par Value $12,000.
• D) Common Stock $30,000 and Retained Earnings $12,000.

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Definitions:

Lead

A heavy metal element with the symbol Pb, known for its malleability, poor conductivity, and various uses and health impacts.

Gold

A dense, soft, yellow metallic element used widely in jewelry, electronics, and for monetary systems.

Medieval Scholars

Intellectuals or academics from the Middle Ages who studied, preserved, and contributed to the knowledge of their time, often in monasteries or universities.

Ionic Bond

A type of chemical bond formed through the electrostatic attraction between oppositely charged ions, often resulting from the transfer of electrons from one atom to another.