The company issued 7,000 shares of stock in exchange for equipment that had a fair market value of $320,000. The entry to record transaction 1 would be:
A) Start-up and Organization Costs 8,000
Common Stock 8,000
B) Start-up and Organization Costs 10,000
Common Stock 8,000
Additional Paid-in Capital 2,000
C) Start-up and Organization Costs 8,000
Additional Paid-in Capital 8,000
D) Start-up and Organization Costs 10,000
Common Stock 10,000
Correct Answer:
Verified
Q120: If a corporation has issued common stock
Q137: Par value is the minimum cushion of
Q138: A corporation has 5,000 shares of 8
Q139: Beckham Corporation has 3,000 shares of $100
Q140: Elmore Corporation had the following shares of
Q141: Which of the following stock terms is
Q143: The purchase of treasury stock will result
Q144: The par value of the common stock
Q145: A company purchases 600 shares of its
Q146: A company purchases 300 shares of its
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