1. A building is acquired with 10,000 shares of $13.33 par value common stock. (1 pt) The m...
| 1. | A building is acquired with 10,000 shares of $13.33 par value common stock. | |||||||
| (1 pt) | The market value at the time of acquisition is $103.00 per share | |||||||
| The fair market value of the building is $875,542.44. | ||||||||
| When creating the general journal entry to record this transaction, what will be | ||||||||
| the amount recorded to the Additional Paid-in-Capital account? | ||||||||
| (indicate if the amount is a debit or a credit) | ||||||||
Homework Answers
| Account Titles | Debit | Credit |
| Building | $875,542.44 | |
| Additional Paid-in-Capital ($875,542.44 - $133,300) | $742,242.44 | |
| Common stock (10,000 x $13.33) | $133,300 |
$742,242.44 will be credited to the Additional Paid-in-Capital account.
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