Use the following information to answer the question below. When Calvert Corporation was formed on January 1, 2010, the corporate charter provided for 50,000 shares of $20 par value common stock. The following transactions were among those engaged in by the corporation during its first month of operation: 1 . The corporation issued 200 shares of stock to its lawyer in full payment of the $5,000
bill for assisting the company in drawing up its articles of incorporation and filing the proper papers with the state agency. 2 . The company issued 8,000 shares of stock at a price of $25 per share. 3 . The company issued 7,000 shares of stock in exchange for equipment that had a fair market value of $160,000. The entry to record transaction 3 would be:
a. Equipment 140,000
Common Stock 140,000
b. Common Stock 140,000
Equipment 140,000
c. Equipment 160,000
Common Stock 160,000
d. Equipment 160,000
Common Stock 140,000
Additional Paid-in Capital 20,000
D
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The average net income of a project divided by the project's average book value is referred to as the project's:
A. required return. B. market rate of return. C. internal rate of return. D. average accounting return. E. discounted rate of return.
Which of the following is true about the review of an adjudicative proceeding by a federal court?
A) The court will review both the legal and factual findings of the agency, even if the findings are supported by substantial evidence in the record. B) The court will review the factual findings but not the legal findings, unless the legal findings are supported by substantial evidence in the record. C) The court will not review the factual findings as long as they are supported by substantial evidence in the record. D) The court will conduct its own hearing and will not concern itself with the agency's legal or factual findings.