In order to reduce the risk associated with a new line of business,Conservative Corporation established Spin Company as a wholly owned subsidiary.It transferred assets and accounts payable to Spin in exchange for its common stock.Spin recorded the following entry when the transaction occurred:
-Based on the preceding information,what number of shares of $7 par value stock did Spin issue to Conservative?
Definitions:
Transfer of Ownership
The process by which the rights of property or title are moved from one party to another.
Void
A term applied to a contract that is not valid because its object is illegal or it has a defect that is so serious that it is not a contract.
Lease
(1) A transfer of the right to possess and use goods for a period of time in return for consideration. (2) The agreement between a landlord and a tenant that specifies the terms of a property rental.
Surrendering Property
The act of voluntarily giving up rights to property, often in a legal or financial context, such as in bankruptcy.
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