8. The par value of common shares: a. It is an arbitrary figure established by the corporation b. It is a measure of the market value of stocks. c. It is established by GAAP d. It is established by the Securities and Exchange Commission.

9. When common shares are issued to purchase land, the land will be recorded in the books for an amount that represents: a. The par value of the shares issued b. The value of the land on the seller's books c. The market value of the shares issued d. "b" or "c", at management's choice