Land is acquired by the issuance of 500 shares of $20 par common stock. The land has a current market value of $15,000. Which of the following would be included in the entry to record this acquisition?

Question 8 options:

	Paid-in capital in excess of par common would be credited for $5,000.
	Land would be credited for $15,000
	Paid-in capital in excess of par common would be credited for $15,000.
	Common stock would be credited for $15,000

Which of the following occurs when income before income tax from the income statement is less than taxable income from the income tax return filed with the IRS?

Question 10 options:

	Prepaid income tax is credited.
	Deferred tax payable is debited.
	Prepaid income tax is debited.
	Either B or C occurs.

How would a gain on the sale of machinery be reported on an income statement?

Question 11 options:

	A gain on the sale of machinery would be reported as a component of income from continuing operations.
	A gain on the sale of machinery would be reported as an extraordinary gain.
	A gain on the sale of machinery would be reported as a component of net sales.
	A gain on the sale of machinery would be reported as a component of income from discontinued operations.