The sale of common stock 1. If stock is issued for a noncash asset, the asset should be recorded on the books of the corporation at a. fair value. b. cost. c. zero. d. a nominal amount. 2. If stock is issued for less than par value, the account a. Paid-In Capital in Excess of Par is credited. b. Paid-In Capital in Excess of Par is debited if a debit balance exists in the account. c. Paid-In Capital in Excess of Par is debited if a credit balance exists in the account. d. Retained Earnings is credited. 3. The sale of common stock below par a. is a common occurrence in most states. b. is not permitted in most states. c. is a practice that most stockholders encourage. d. requires that a liability be recorded for the difference between the sales price and the par value of the shares. 4. Paid-In Capital in Excess of Stated Value a. is credited when no-par stock does not have a stated value. b. is reported as part of paid-in capital on the balance sheet. c. represents the amount of legal capital. d. normally has a debit balance. 5. A separate paid-in capital account is used to record each of the following except the issuance of a. no-par stock. b. par value stock. c. stated value stock. d. treasury stock above cost. Business Assignment Help, Business Homework help, Business Study Help, Business Course Help
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