Question : 81. The entry to record the issuance of common stock at : 1239270

81. The entry to record the issuance of common stock at a price above par includes a debit to  
A. Organizational Expenses
B. Common Stock
C. Cash
D. Paid-In Capital in Excess of Par-Common Stock

82. Merritt Company acquired a building valued at $210,000 for property tax purposes in exchange for 12,000 shares of its $5 par common stock.  The stock is widely traded and selling for $18 per share. At what amount should the building be recorded by Merritt Company? 
A. $60,000
B. $216,000
C. $210,000
D. $156,000

83. The charter of a corporation provides for the issuance of 100,000 shares of common stock.  Assume that 30,000 shares were originally issued and 5,000 were subsequently reacquired.  What is the number of shares outstanding? 
A. 35,000
B. 70,000
C. 25,000
D. 30,000

84. Par value 
A. is the monetary value assigned per share in the corporate charter.
B. represents what a share of stock is worth.
C. represents the original selling price for a share of stock.
D. is established for a share of stock after it is issued.

85. The authorized stock of a corporation 
A. must be recorded in a formal accounting entry.
B. only reflects the initial capital needs of the company.
C. is indicated in its by-laws.
D. is indicated in its charter.

86. If Everly Company issues 1,000 shares of $5 par value common stock for $75,000, the account 
A. Common Stock will be credited for $75,000.
B. Paid-in Capital in excess of Par Value will be credited for $5,000.
C. Paid-in Capital in excess of Par Value will be credited for $70,000.
D. Cash will be debited for $70,000.

87. If common stock is issued for an amount greater than par value, the excess should be credited to 
A. Retained Earnings.
B. Cash.
C. Legal Capital.
D. Paid-in Capital in Excess of Par Value.

88. The Sneed Corporation issues 10,000 shares of $50 par value preferred stock for cash at $75 per share.  The entry to record the transaction will consist of a debit to Cash for $750,000 and a credit or credits to 
A. Preferred Stock for $750,000.
B. Preferred stock for $500,000 and Paid-in Capital in Excess of Par Value—Preferred Stock for $250,000.
C. Preferred Stock for $500,000 and Retained Earnings for $250,000.
D. Paid-in Capital from Preferred Stock for $750,000.

89. Alma Corp. issues 1,000 shares of $10 par value common stock at $14 per share.  When the transaction is recorded, credits are made to: 
A. Common Stock $14,000.
B. Common Stock $10,000 and Paid-in Capital in Excess of Par Value $4,000.
C. Common Stock $4,000 and Paid-in Capital in Excess of Stated Value $10,000.
D. Common Stock $10,000 and Retained Earnings $4,000.

90. Nexis Corp. issues 1,000 shares of $15 par value common stock at $22 per share.  When the transaction is recorded, credits are made to: 
A. Common Stock $15,000 and Paid-in Capital in Excess of Par Value $7,000.
B. Common Stock $22,000 and Retained Earnings $15,000.
C. Common Stock $7,000 and Paid-in Capital in Excess of Stated Value $15,000.
D. Common Stock $22,000.