A corporation issued 5,000 $10 par value ordinary shares in exchange for some land with a market value of $60,000. The entry to record this exchange is:
A) Debit Land $60,000; credit Share Capital-Ordinary $50,000; credit Share Premium-Ordinary $10,000.
B) Debit Land $60,000; credit Share Capital-Ordinary $60,000.
C) Debit Land $50,000; credit Share Capital-Ordinary $50,000.
D) Debit Share Capital-Ordinary $50,000; debit Share Premium-Ordinary $10,000; credit Land $60,000.
E) Debit Share Capital-Ordinary $60,000; credit Land $60,000.
Correct Answer:
Verified
Q98: The annual amount of cash dividends distributed
Q99: A company has a market value per
Q100: A company paid $0.48 in cash dividends
Q101: A liability for dividends exists:
A) When cumulative
Q102: A company's board of directors votes to
Q104: All of the following statements regarding share
Q105: The date the directors vote to pay
Q106: On September 1, a corporation had 50,000
Q107: A bonus issue or share dividend transfers:
A)
Q108: A preference share which confers no right
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