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6. If common stock is issu common stock is issued for an amount greater than...

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Accounting

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6. If common stock is issu common stock is issued for an amount greater than par value, the excess should be credited to a Cash b. Retained Earnings. c. Paid-in Capital in Excess of Par. d. Legal Capital 7. If stock is issued for a noncash asset, the asset should be recorded on the books of the corporation at a. fair value. b. cost. c. zero d. a nominal amount. Jackson Company is a publicly held corporation whose $1 par value stock is actively traded at $64 per share. The company issued 3,000 shares of stock to acquire land atly advertised at $200,000. When recording this transaction, Barton Company will a. debit Land for $200,000. b. credit Common Stock for $192,000. c. debit Land for $192,000. d. credit Paid-In Capital in Excess of Par for $196,000 od 4.000 shares of its $5 par value common stock in payment of bill was for services performed in helping the company d this transaction by debiting Sunshine Company issued 4,000 shares of its $5 attorney's bill of $80,000. The bill was for services performed in hi incorporate. Crain should record this transaction by de a. Legal Expense for $20,000. b. Legal Expense for $80,000 c. Organization Expense for $20,000

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