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On January 1, 2020, Philbin Corp. issued 4,500 of its 400,000, $1 par, common shares in exchange for land. Philbins common stock shares are frequently
On January 1, 2020, Philbin Corp. issued 4,500 of its 400,000, $1 par, common shares in exchange for land. Philbins common stock shares are frequently and widely traded on a public exchange. On January 1, the common shares were trading for $35 per share. However, a recent appraisal indicates that the land is valued at $155,000.
Upon issuance of the common stock, Philbin would record a credit to Paid-in Capital in Excess of ParCommon Stock for:
Group of answer choices
A) $155,000
B) $157,500
C) $153,000
D) $150,500
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