A Corporation Issued 6,000 Shares of Its $10 Par Value

question 26

Multiple Choice

A corporation issued 6,000 shares of its $10 par value common stock in exchange for land that has a market value of $84,000.The entry to record this transaction would include:

• A)A debit to Common Stock for $60,000.
• B)A debit to Land for $60,000.
• C)A credit to Land for $60,000.
• D)A credit to Contributed Capital in Excess of Par Value,Common Stock for $24,000.
• E)A credit to Common Stock for $84,000.

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Definitions:

Non-conformity

Behaviors or actions that do not comply with prevailing norms, expectations, or standards, often viewed in the context of individualism and innovation.

Social Approval

The positive recognition or endorsement from a social group or society, which can influence individuals' behavior and decisions.

Intense Pressure

A forceful condition that demands a high level of performance or decision-making, often within a constrained timeframe.

Incubation Stage

In creativity and problem-solving, the period in which an individual sets the problem aside and does not consciously think about it, allowing subconscious processes to work.