A Corporation Issued 6,000 Shares of Its $10 Par Value

question 26

Multiple Choice

A corporation issued 6,000 shares of its $10 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 debit to Common Stock for $60,000.
• B)A debit to Land for $60,000.
• C)A credit to Land for $60,000.
• D)A credit to Contributed Capital in Excess of Par Value,Common Stock for $24,000.
• E)A credit to Common Stock for $84,000.

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Definitions:

Complex Innovations

Complex Innovations are advancements or creations that involve intricate processes, technologies, or ideas, often requiring interdisciplinary knowledge and collaboration.

Diffuse

To spread or scatter something more widely, often used in the context of spreading ideas, light, or substances over a larger area.

Complexity

The extent to which an organization divides labor vertically, horizontally, and geographically.

Diffusion

The process by which innovations, ideas, or trends spread within a society or from one society to another.