Question 58 (10 points) RedBone Corp. purchases land valued at $4.000 and pays for a building valued at $2,500 with 10,000 shares of common stock with a par value of $0.05. To properly record the transaction the entries would include a a) Credit Common Stock 6,500 b) Credit Common Stock 500 and Credit Paid-In-Capital in Excess of Par 6,000 c) Credit Common Stock 6,000 and Credit Paid-In-Capital in Excess of Par 500 d) Debit Common Stock 6,500 and Credit Land 4.000 and Credit Building 2,500 Question 59 (10 points) Receipt of dividends should be classified as a financing activity on the Cash Flow Statement a) True b) False Question 60 (10 points) The purchase of 75 million shares out of 375 million shares outstanding, should be recorded a) at Fair Value b) as Held-to-Maturity c) using the Equity Method d) None of these answers is correct