When Bunyan Corporation was formed on January 1, the corporate charter provided for 90,000 shares of $13 par value common stock. The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 8,710 shares of stock at a price of $23 per share. Which of the following would be included when recording the transaction? Select the correct answer. a-credit to Common Stock for $200,330 b-credit to Paid-in Capital in Excess of Par for $87,100 c-debit to Common Stock for $90,000 d-debit to Cash for $113,230
When Bunyan Corporation was formed on January 1, the corporate charter provided for 90,000 shares of $13 par value common stock. The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 8,710 shares of stock at a price of $23 per share. Which of the following would be included when recording the transaction? Select the correct answer. a-credit to Common Stock for $200,330 b-credit to Paid-in Capital in Excess of Par for $87,100 c-debit to Common Stock for $90,000 d-debit to Cash for $113,230
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 10MC: A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the...
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When Bunyan Corporation was formed on January 1, the corporate charter provided for 90,000 shares of $13 par value common stock. The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 8,710 shares of stock at a price of $23 per share.
Which of the following would be included when recording the transaction?
Select the correct answer.
a-credit to Common Stock for $200,330
b-credit to Paid-in Capital in Excess of Par for $87,100
c-debit to Common Stock for $90,000
d-debit to Cash for $113,230
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