Alma Corp. issues 1,120 shares of $7 par common stock at $15 per share. When the transaction is journalized, credits are made to a.Common Stock, $7,840 and Paid-In Capital in Excess of Par—Common Stock, $8,960. b.Common Stock, $16,800. c.Common Stock, $8,960 and Paid-In Capital in Excess of Stated Value, $7,840. d.Common Stock, $7,840 and Retained Earnings, $8,960.
Alma Corp. issues 1,120 shares of $7 par common stock at $15 per share. When the transaction is journalized, credits are made to a.Common Stock, $7,840 and Paid-In Capital in Excess of Par—Common Stock, $8,960. b.Common Stock, $16,800. c.Common Stock, $8,960 and Paid-In Capital in Excess of Stated Value, $7,840. d.Common Stock, $7,840 and Retained Earnings, $8,960.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 12MC: A corporation issued 100 shares of $100 par value preferred stock for $150 per share. The resulting...
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Alma Corp. issues 1,120 shares of $7 par common stock at $15 per share. When the transaction is journalized, credits are made to
a.Common Stock, $7,840 and Paid-In Capital in Excess of Par—Common Stock, $8,960.
b.Common Stock, $16,800.
c.Common Stock, $8,960 and Paid-In Capital in Excess of Stated Value, $7,840.
d.Common Stock, $7,840 and Retained Earnings , $8,960.
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