Entity H issued 9,000 shares of its $1 par value common stock for $20 per share. Which of the following statements is correct? Hint: Make the journal entry first. Common stock should be credited for $180,000. Cash should be credited for $180,000. Paid-in-capital-in-excess-of-par-value should be debited for $171,000. Common stock should be credited for $9,000.
Entity H issued 9,000 shares of its $1 par value common stock for $20 per share. Which of the following statements is correct? Hint: Make the journal entry first. Common stock should be credited for $180,000. Cash should be credited for $180,000. Paid-in-capital-in-excess-of-par-value should be debited for $171,000. Common stock should be credited for $9,000.
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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Entity H issued 9,000 shares of its $1 par value common stock for $20 per share. Which of the following statements is correct? Hint: Make the journal entry first.
Common stock should be credited for $180,000.
Cash should be credited for $180,000.
Paid-in-capital-in-excess-of-par-value should be debited for $171,000.
Common stock should be credited for $9,000.
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