Question
URGENT Renfro corporation issued 100,000 shares $5 Par value for land. The land had an asking price of $900,000. The stock is currently selling on
Renfro corporation issued 100,000 shares $5 Par value for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8 per share.When recording this transaction, the company will
A.
credit Share PremiumOrdinary for $500,000.
B.
debit Land for $900,000.
C.
credit Share CapitalOrdinary for $800,000.
D.
debit Land for $800,000.
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan
14th Global Edition
978-0273753872, 0273753878
