Section 9: Reporting and Analyzing Owner Financing, Stockholders' Equity 1. Ahrens Industries received a charter from the state of Maryland authorizing 500,000 shares of $10 par value common stock and 20,000 shares of S50 par value preferred stock. Selected accounts from the general ledger of Ahrens Industries are listed below. All accounts have normal balances. Common stock Paid-in capital in excess of par value-common 40,000 60,000 Cash Preferred stock Accounts payable 40,000 100,000 35,000 50,000 75,000 75,000 Land Retained earnings What is the total stockholders' equity on the balance sheet for Ahrens Industries as of December 31, 2007? a. 160,000 b. 200,000 c 275,000 d. 320,000 42. Summit Corporation received land with a fair market value of $60,000 and a building with a fair market value of $180,000 in exchange for 15,000 shares of common stock The common stock has $10 par value. What is the journal entry to record this a Land 60,000 180,000 Building Paid-in Capital in Excess of Par Value-Common 240,000 b. Land 60,000 180,000 Building Common Stock 240,000 c Land 37,500 112,500 Common Stock 150,000 d. Land 60,000 180,000 Building Common Stock Paid-in Capital in Excess of Par Value-Common 130,000 90,000