A corporation issued 6,000 shares of its $2 par value common stock in exchange for land that has a market value of $84,000. The entry to record this transaction would include:<\/p>
<\/p>
A credit to Common Stock for $84,000.<\/p>
A credit to Paid-in Capital in Excess of Par Value, Common Stock for $72,000.<\/p>
A debit to Land for $12,000.A debit to Common Stock for $12,000.<\/p>
A credit to Land for $12,000. <\/p>
<\/p>
What is the correct answer?<\/p>", "transcribed_text": "", "related_book": { "title": "Fundamentals Of Statistics", "isbn": "978-032184460, 032183870X, 321844602, 9780321838704, 978-0321844606", "edition": "4th Edition", "authors": "Michael Sullivan III", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/445.jpg", "uri": "\/textbooks\/fundamentals-of-statistics-4th-edition-445", "see_more_uri": "" }, "free_related_book": { "isbn": "B0CJB8HXNK", "uri": "\/textbooks\/all-the-time-in-the-world-unabridged-edition-979-8212432184-300675", "name": "All The Time In The World", "edition": "Unabridged Edition" }, "question_posted": "2024-06-28 08:45:51", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/worldcom-inc-was-one-of-the-largest-companies-to-file", "description": "WorldCom Inc. was one of the largest companies to file for bankruptcy. This case requires the analysis of WorldComs December 31, 2002, 10-K filed with the Securities and Exchange Commission. The 10-K...", "stars": 3 }, { "url": "\/study-help\/psychology-2e\/contrast-jungs-and-freuds-approaches-to-therapy-1984805", "description": "Contrast Jungs and Freuds approaches to therapy.", "stars": 3 }, { "url": "\/refer-to-the-real-estate-data-which-reports-information-on", "description": "Refer to the Real Estate data, which reports information on homes sold in Goodyear, Arizona, last year. a. Let selling price be the dependent variable and size of the home the independent variable....", "stars": 3 }, { "url": "\/study-help\/questions\/on-january-1-2021-avondale-lumber-adopted-the-dollarvalue-lifo-9884488", "description": "On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $340,000. An internally generated cost index is...", "stars": 3 }, { "url": "\/study-help\/questions\/need-help-with-a-swifty-paints-makes-various-interior-and-6628797", "description": "need help with a) Swifty Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Swifty produces the paint in its mixing...", "stars": 3 }, { "url": "\/study-help\/questions\/huntington-boards-manufactures-two-models-of-surfboards-basic-and-competition-5615683", "description": "Huntington Boards manufactures two models of surfboards, Basic and Competition, in a facility in Southern California. In fabrication, machine setup costs are driven by the number of setups, machine...", "stars": 3 }, { "url": "\/study-help\/questions\/mary-ann-bought-a-new-computer-for-2000-and-financed-5734791", "description": "Mary Ann bought a new computer for $2,000 and financed the entire purchase price at a nominal rate of interest payable 12 times per year at 9% per annum. She repaid her loan in 4 years with 48 equal...", "stars": 3 }, { "url": "\/study-help\/questions\/1-2-chang-corporation-sells-products-for-120-each-that-1195458", "description": "1 2 Chang Corporation sells products for $120 each that have variable costs of $80 per unit. Chang's 3 annual fixed cost is $720,000. $120 $80 $720,000 4 Required Use the per-unit contribution margin...", "stars": 3 }, { "url": "\/study-help\/questions\/9-effects-of-portfolio-size-on-portfolio-risk-the-following-8176315", "description": "9. Effects of portfolio size on portfolio risk The following graph plots portfolio risk against the size of the portfolio as measured by the number of stocks in the portfolio. (Hint: Hover the mouse...", "stars": 3 }, { "url": "\/study-help\/questions\/mgt445-ethical-legal-business-concepts-in-your-bible-read-3294115", "description": "MGT-445: Ethical & Legal Business Concepts In your Bible, read: 2 Corinthians 8:7 Colossians 3:23-24 Navigate to the threaded discussion and use clear, critical thinking to discuss the following: How...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/preschool-is-budgeting-for-next-year-the-goal-is-to-4277061", "next": "\/study-help\/questions\/a-botanist-wants-to-know-whether-or-not-plant-growth-4277063" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "A corporation issued 6,000 shares of its $2 par value common stock", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/a-corporation-issued-6000-shares-of-its-2-par-value-4277062" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }: "1" } }