A company issues 7,000 shares of its $10 par value common stock in exchange for equipment valued

Question:

A company issues 7,000 shares of its $10 par value common stock in exchange for equipment valued at $105,000. The entry to record this transaction includes a credit to

(a) Paid-In Capital in Excess of Par Value, Common Stock, for $35,000.

(b) Retained Earnings for $35,000.

(c) Common Stock, $10 Par Value, for $105,000.

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