S. Lamar performed legal services for E. Garr 1. If Keene Company issues 4,500 shares of $5 par value common stock for $80,000, the account a. Common Stock will be credited for $22,500. b. Paid-in Capital in Excess of Par will be credited for $22,500. c. Paid-in Capital in Excess of Par will be credited for $80,000. d. Cash will be debited for $57,500. 2. Carson Packaging Corporation began business in 2013 by issuing 25,000 shares of $3 par common stock for $8 per share and 10,000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $12. On its December 31, 2013 balance sheet, Carson Packaging would report a. Common Stock of $300,000. b. Common Stock of $75,000. c. Common Stock of $200,000. d. Paid-In Capital of $75,000. 3. Hsu, Inc. issued 7,500 shares of stock at a stated value of $8/share. The total issue of stock sold for $15 per share. The journal entry to record this transaction would include a a. debit to Cash for $60,000. b. credit to Common Stock for $60,000. c. credit to Paid-in Capital in Excess of Par for $112,500. d. credit to Common Stock for $112,500. 4. S. Lamar performed legal services for E. Garr. Due to a cash shortage, an agreement was reached whereby E. Garr. would pay S. Lamar a legal fee of approximately $8,000 by issuing 2,000 shares of its common stock (par $1). The stock trades on a daily basis and the market price of the stock on the day the debt was settled is $4.50 per share. Given this information, the journal entry for E. Garr. to record this transaction is: a. Legal Expense 9,000 Common Stock 9,000 b. Legal Expense 8,000 Common Stock 8,000 c. Legal Expense 8,000 Common Stock 2,000 Paid-in Capital in Excess of Par â€“ Common 6,000 d. Legal Expense 9,000 Common Stock 2,000 Paid-in Capital in Excess of Par â€“ Common 7,000 5. Jarrett Company issued 600 shares of no-par common stock for $8,800. Which of the following journal entries would be made if the stock has no stated value? a. Cash 8,800 Common Stock 8,800 b. Cash 8,800 Common Stock 600 Paid-in Capital in Excess of Par 8,200 c. Cash 8,800 Common Stock 600 Paid-in Capital in Excess of Stated Value 8,200 d. Common Stock 8,800 Cash 8,800 Business Assignment Help, Business Homework help, Business Study Help, Business Course Help
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