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If Sotheby Company issues 2,000 shares of $5 par value common stock for $140,000, Select one: a. Paid-In Capital in Excess of Par Value will be credited for $10,000. b. Common Stock will be credited for $140,000. c. Cash will be debited for $130,000. d. In Capital in Excess of Par Value will be credited for $130,000.

If Sotheby Company issues 2,000 shares of $5 par value common stock for $140,000, Select one: a. Paid-In Capital in Excess of Par Value will be credited for $10,000. b. Common Stock will be credited for $140,000. c. Cash will be debited for $130,000. d. In Capital in Excess of Par Value will be credited for $130,000.

Accounting (Text Only)
Accounting (Text Only)
26th Edition
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter13: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 13.25EX
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Q 37

Question 37

If Sotheby Company issues 2,000 shares of $5 par value common stock for $140,000,

Select one:
a. Paid-In Capital in Excess of Par Value will be credited for $10,000.
b. Common Stock will be credited for $140,000.
c. Cash will be debited for $130,000.
d. In Capital in Excess of Par Value will be credited for $130,000.
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