Which of the following represents the number of shares acquired from the market (repurchased)? *

a.Treasury shares

b.Issued shares

c.Outstanding shares

d.Authorized shares

If stock is issued for a noncash asset, the asset should be recorded on the books of the corporation at *

a.Fair market value

b.Cost

c.Asking price

d.A nominal amount

A company issued 2,000 shares of its $1 par value common stock to acquire land with an asking price of $50,000 valued at $40,000. When recording this transaction, the company will *

a.Debit Land for $50,000

b.Credit Common Stock for $40,000

c.Credit Land for $40,000

d.Credit Paid-In Capital in Excess of Par Value for $38,000

A company issued 5,000 shares common stock at a stated value of $10 per share. The total issue of stock sold for $15 per share. The journal entry to record this transaction would include a *

a.Debit to Cash for $50,000

b.Credit to Common Stock for $50,000

c.Credit to Paid-in Capital in Excess of Par Value for $25,000

d.Credit to Common Stock for $75,000

A company issues 10,000 shares of $100 par value preferred stock for cash at $110 per share. The entry to record the transaction will consist of a debit to Cash for $1,100,000 and a credit(s) of *

a.Preferred Stock for $1,100,000

b.Paid-in Capital from Preferred Stock for $1,100,000

c.Preferred Stock for $1,000,000 and Retained Earnings for $100,000

d.Preferred Stock for $1,000,000 and Paid-in Capital in Excess of Par ValuePreferred Stock for $100,000.