A corporation issued 6,000 shares of its $2 par value common stock in exchange for land...
A corporation issued 6,000 shares of its $2 par value common stock in exchange for land that has a market value of $84,000. The entry to record this transaction would include:
A credit to Land for $12,000.
A credit to Paid-in Capital in Excess of Par Value, Common Stock for $72,000.
A debit to Common Stock for $12,000.
A debit to Land for $12,000.
A credit to Common Stock for $84,000.
Homework Answers
| Account | Debit | Credit |
| Land | 84,000 | |
| Common stock (6,000*2) | 12,000 | |
| Paid in capital in excess of par, common stock | 72,000 |
Option B is the answer
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