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YORK COLLEGE 15) Jackson Company is a publicly held corporation whose $1 par value stock is actively traded at $64 per share. The company issued

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YORK COLLEGE 15) Jackson Company is a publicly held corporation whose $1 par value stock is actively traded at $64 per share. The company issued 3,000 shares of stock to acquire land recently advertised at $200,000. When recording this transaction, Barton Company will debit Land for $192,000. A 8 debit Land for $200,000. C credit Common Stock for $192,000. credit Paid-In Capital in Excess of Par for $196,000. D E norve of the above. 16) East Asian 1 sold for $ 15 per share. The journal entry to record this transaction would include a A credit to Common Stock for $120,000 ,00S, wo B credit to Common Stock for $125,00. debit to Cash for $120,000. C D credit to Paid-in Capital in Excess of Par for $125,000 20,00 E none of the above. 17) Taylor Corporation issues 20,000 shares of $50 par value preferred stock for cash at $90 per share. The entry to record the transaction wil consist of a debit to Cash for $1,800,000 and a credit or credits to A preferred Stock for $1,000,000 and Paid-in Capital in Excess of Par-Preferred Stock for $800,000. B paid-in Capital from Preferred Stock for $1,800,000. preferred Stock for $800,000 and Paid-in Capital from Preferred Stock for $1,000,000 preferred Stock for $1,800,000. D none of the above. E 18) Ten thousand shares of treasury stock of E. Marcos, Inc., previously acquired at $14 per share, are sold at $20 per share. The entry to record this transaction will include a A debit to Treasury Stock for $140,000. 8 credit to Treasury Stock for $200,000. C debit to Paid-In Capital from Treasury Stock for $60,00o. D credit to Paid-In Capital from Treasury Stock for $60,000. E none of the above 19) Adler Company originally issued 1,000 shares of $10 par value common stock for later purchases 1 record the sale of the treasury stock, there will be a A debit to Paid-In Capital in Excess of Par for $2,000 B credit to Treasury Stock for $1,000. C credit to Common Stock for $1,700 D credit to Paid-In Capital from Treasury Stock for $200. E none of the above

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