When a Corporation Sells 10,000 Shares of $10 Par Value

question 138

True/False

When a corporation sells 10,000 shares of $10 par value common stock for $120,000, the Common Stock account is credited for $100,000.

---

Definitions:

Intangible Assets

Assets that lack physical substance but are still valuable due to the rights or information they provide, such as patents, copyrights, and trademarks.

Trademark

A symbol, word, or phrase legally registered or established by use as representing a company or product.

Removing Building

The process of demolishing or dismantling a building structure from a property, often involving considerations for recycling and waste management.

Land

Land is a type of real estate referring to the solid part of the earth's surface that can be owned, bought, or sold, and is used for various purposes including farming, building, or as an investment.