Rebel Inc. issued 5,000 no-par ordinary shares with a stated value of $3 per share. The market price of the shares on the date of issuance was $12 per share. The entry to record this transaction includes a
A) debit to Cash for $15,000.
B) credit to Share Capital-Ordinary for $60,000.
C) credit to Share Capital-Ordinary for $15,000.
D) debit to Share Premium-Ordinary for $60,000.
Correct Answer:
Verified
Q111: Kendrick Corporation was organized on January 2,
Q112: Elton Manufacturing Corporation purchased 4,000 shares of
Q113: Treasury shares are
A) shares issued by the
Q114: Rancho Corporation sold 300 treasury shares for
Q115: Dawson Company issued 500 no-par ordinary shares
Q117: The following data is available for BOX
Q118: Kim, Inc. issued 10,000 ordinary shares with
Q119: Simon Company issued 2,000 ordinary shares with
Q120: A corporation purchases 40,000 shares of its
Q121: Looper, Inc. has 25,000 shares of 6%,
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents