Paris Corporation Is a Publicly Held Corporation Whose Shares, Issued

question 40

Multiple Choice

Paris Corporation is a publicly held corporation whose shares, issued at $ 1 per share are actively traded at $ 20 per share. The company issued 1,000 shares to acquire land recently appraised at $ 15,000. When recording this transaction, Paris will

• A) debit Land for $ 15,000.
• B) credit Common Shares for $ 20,000.
• C) debit Land for $ 20,000.
• D) credit Gain on Purchase of Land for $ 5,000.

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Definitions:

Long-Term Memory

A type of memory capable of storing large amounts of information for potentially unlimited durations, encompassing facts, experiences, and skills.

Retention

The ability to hold onto information or experiences over time.

Coding

The process of assigning a code to something for the purposes of classification or identification.

Proactive Interference

A phenomenon where old memories interfere with the recall of new information.