Rolman Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. July 1, 2018 the Corporation issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8 per share.The entry to journalize this transaction includes a credit to Common Stock account 500,000.

Select one: True False