A company can issue common stock in exchange for assets other than cash. True False If a corporation issues 3,000 shares of $5 par value common stock for $90,000, the journal entry would include a credit to: A. Paid - in Capital in Excess of Par-Common for $75,000. B. Common Stock for $90,000. C. Common Stock for $75,000. D. Paid - in Capital in Excess of Par-Common for $90,000. If a corporation issues 10,000 shares of $3 par value common stock for $48,000 cash, the journal entry would be: A. Debit to Common Stock for $30,000 and debit to Paid - in Capital in Excess of Par - Common for $18,000; crodit to Cash for $48,000. B. Debit to Cash for $30,000 and debit to Paid - in Capital in Excess of Par - Common for $18,000, credit to Common Stock for $48,000. C. Debit to Cash for $48,000; credit to Common Stock for $30,000 and credit to Paid - in Capital in Excess of Par - Common for $18,000. D. Debit to Cash for $48,000; Credit to Common Stock for $18,000 and credit to Paid - in Capital in Excess of Par - Common for $30,000. Treasury stock has a: A. credit balance, the same as other stockholders' equity accounts. B. debit balance, the opposite of other stockholders' equity accounts. C. debit balance, the same as other stockholders' equity accounts. D. credit balance, the opposite of other stockholders' equity accounts. A debit balance in the Retained Earnings account indicates a deficit in Retained Earnings. True False The price-earnings ratio is the same amount as the market value per share. True False The issuance of common stock in exchange for cash will be reported in: A. the noncash financing section of the statement of cash flows. B. the financing activities section of the statement of cash flows: C. the operating activities section of the statement of cash flows. D. the investing activities section of the statement of cash flows. It is suggested to use 11 - point Calibri for financial statements. True False