A Corporation Issued 6,000 Shares of Its $2 Par Value

question 220

Multiple Choice

A corporation issued 6,000 shares of its $2 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 credit to Paid-in Capital in Excess of Par Value, Common Stock for $72,000.
• B) A credit to Common Stock for $84,000.
• C) A debit to Common Stock for $12,000.
• D) A debit to Land for $12,000.
• E) A credit to Land for $12,000.

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Definitions:

Developing World

A term often used to describe countries or regions with lower levels of industrialization and lower standards of living.

Acute

Describing a condition or disease that has a sudden onset, severe symptoms, and a short duration, often requiring urgent care.

Food Poisoning

Illness caused by consuming contaminated food or beverages, which may contain pathogens like bacteria, viruses, or parasites, or their toxins.

Lifestyle Based

Referring to products, services, or strategies designed around the unique habits, preferences, and needs of specific groups of individuals.