Use the Following Information to Answer the Question Below

question 100

Multiple Choice

Use the following information to answer the question below. When Langston Corporation was formed on January 1,20x5,the corporate charter provided for 50,000 shares of $20 par value common stock.The following transactions were among those engaged in by the corporation during its first month of operation:
1. The corporation issued 200 shares of stock to its lawyer in full payment of the $5,000 bill for assisting the company in drawing up its articles of incorporation and filing the proper papers with the state agency.
2. The company issued 8,000 shares of stock at a price of $25 per share.
3. The company issued 8,000 shares of stock in exchange for equipment that had a fair market value of $160,000.
The entry to record transaction 3 is:

---

Definitions:

Raw

Uncooked or in an unprocessed state; not altered by cooking or pasteurization.

Unprocessed Numbers

Numbers that have not undergone any form of analysis or manipulation.

Pharmacy Request

The process of requesting and authorizing a prescription drug or medical supply from a pharmacy.

Laboratory Report

A document that presents the results and analysis of laboratory tests and experiments.