Tim Howard Gloves Issued 4

question 24

Multiple Choice

Tim Howard Gloves issued 4.75% bonds with a face amount of $24 million,together with 4 million shares of its $1 par value common stock,for a combined cash amount of $44 million.The market value of Howard's stock cannot be determined.The bonds would have sold for $18 million if issued separately.For this transaction,Howard should record paid-in capital-excess of par in the amount of:

• A)$26 million
• B)$22 million
• C)$18 million
• D)$16 million

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