The Entry to Record the Issuance of 2,000 Shares of $10

question 29

Multiple Choice

The entry to record the issuance of 2,000 shares of $10 par-value common stock for $14 a share consists of a debit to Cash for $28,000 and a credit to Common Stock for

• A) $28,000.
• B) $20,000 and a credit to Gain on Sale of Common Stock for $8,000.
• C) $20,000 and a credit to Treasury Stock for $8,000.
• D) $20,000 and a credit to Paid-in Capital in Excess of Par Value-Common Stock for $8,000.

Recognize the structural and functional distinctions between gap junctions in animals and plasmodesmata in plants.

Understand the principle of consideration in contract law.

Differentiate between valid and invalid consideration.

Recognize the role of promissory estoppel in the absence of formal consideration.

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