AI Sharqiyah Company has RO 1 par value ordinary shares that are currently at RO 20 per share. The company issued 4,000 shares to purchase land recently advertised at RO 82,000. When recording this transaction, the Company will Select one: O a. debit Land for RO 80,000. O b. credit Share Capital-Ordinary for RO 82,000. O c debit Land for RO 82,000. O d. None of the answers are correct. e. credit Share Premium-Ordinary for RO 2,000.

AI Sharqiyah Company has RO 1 par value ordinary shares that are currently at RO 20 per share. The company issued 4,000 shares to purchase land recently advertised at RO 82,000. When recording this transaction, the Company will Select one: O a. debit Land for RO 80,000. O b. credit Share Capital-Ordinary for RO 82,000. O c debit Land for RO 82,000. O d. None of the answers are correct. e. credit Share Premium-Ordinary for RO 2,000.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 7EB: Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the...

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