A Corporation Issued 5,000 Shares of $10 Par Value Common

question 184

Multiple Choice

A corporation issued 5,000 shares of $10 par value common stock in exchange for some land with a market value of $60,000.The entry to record this exchange is:

• A) \[\begin{array} { |l | c | c | }
• \hline \text { Land } & 60,000 & \\
• \hline \text { Common Stock } & & 50,000 \\
• \hline \begin{array} { c }
• \text { Paid-In Capital in Excess of Par Value } \\
• \text { Common Stock }
• \end{array} & & 10,000 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | l | c | c | }
• \hline \text { Land } & 60,000 & \\
• \hline \text { Common Stock } & & 60,000 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | l | c | c | }
• \hline \text { Land } & 50,000 & \\
• \hline \text { Common Stock } & & 50,000 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | l | l | l | }
• \hline \text { Common Stock } & 50,000 & \\
• \hline \begin{array} { l }
• \text { Paid-In Capital in Excess of Par Value, } \\
• \text { Common Stock }
• \end{array} & 10,000 & \\
• \hline \text { Land } & & 60,000 \\
• \hline
• \end{array}\]
• E) \[\begin{array} { |l | c | c | }
• \hline \text { Common Stock } & 60,000 & \\
• \hline \text { Land } & & 60,000 \\
• \hline
• \end{array}\]

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