Exam #4 (10,11,12,13) Secure https://newconnect.mheducation.com/flow/connect.htm

ID: 2437001 • Letter: E

Question

Exam #4 (10,11,12,13) Secure https://newconnect.mheducation.com/flow/connect.html ,12,13) 6 Saved Help Save & Exit Submit A corporation issued 6,300 shares of $10 par value common stock in exchange for some land with a market value of $96,000. The entry to record this exchange is: Multiple Choice Debit Land $96,000; credit Common Stock $63,000, credit Paid-In Capital in Excess of Par Value, Common Stock $33,000. Debit Land $96,000; credit Common Stock $96,000. Debit Land $63,000; credit Common Stock $63,000 Debit Common Stock $63.000: debit Paid-In Capital in Excess of Par Value, Common Stock $33.00 credit Land $96,000. Debit Common Stock $96,000: crecit Land $96,000

Explanation / Answer

date

explanation

debit

credit

building

93000

common stock

63000

additional paid in capital - common stock

30000

Answer is 1