A corporation issued 10,000 shares of $30 par value common stock for $40 per share. The journal entry to record the issue of the stock
A corporation issued 10,000 shares of $30 par value common stock for $40 per share. The journal entry to record the issue of the stock would include which of the following?
| A credit to Gain on the Sale of Common Stock, $100,000 | ||
| A credit to Contributed Capital in Excess of Par, Common Stock, $10,000 | ||
| A credit to Common Stock, $400,000 | ||
| A credit to Common Stock, $300,000 | ||
| None of the above |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Authors: Bob Walsh
1st Edition
1539534588, 978-1539534587
