24 NEED HELP ASAP Barton Company is a publicly held corporation whose $1 par val

Question

24 NEED HELP ASAP

Barton Company is a publicly held corporation whose $1 par value stock is actively traded at $32 per share. The company issued 3,000 shares of stock to acquire land recently advertised at $100,000. When recording this transaction, Barton Company will

debit Land for $100,000.

credit Common Stock for $96,000.

credit Paid-In Capital in Excess of Par for $98,000.

debit Land for $96,000.

debit Land for $100,000.

credit Common Stock for $96,000.

credit Paid-In Capital in Excess of Par for $98,000.

debit Land for $96,000.

Explanation / Answer

debit Land for $96,000. Journal Entry Particulars Dr Amt Cr Amt Land DR                   96,000.00 To common Stock = 3,000 * 1              3,000.00 To Paid-in Capital in Excess of Par = 3,000*(32-1)           93,000.00

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