Lancer, Inc received building with fair value of $400,000 in exchange for 30,000 shares of its $3.00 par value common stock that were being traded for $8.00 per share. The journal entry to record the issuance of the stock should include: A) Debit to Building, $400,000; credit to common stock, $400,000 B) Debit to Building, $240,000 ; Credit to common stock, $400,000 C) Credit Paid- in capital in excess of par value , $150,000 ; Debit Building , $240,000 D) Debit Building , $90,000 ; Credit common stock , $90,000

Lancer, Inc received building with fair value of $400,000 in exchange for 30,000 shares of its $3.00 par value common stock that were being traded for $8.00 per share. The journal entry to record the issuance of the stock should include: A) Debit to Building, $400,000; credit to common stock, $400,000 B) Debit to Building, $240,000 ; Credit to common stock, $400,000 C) Credit Paid- in capital in excess of par value , $150,000 ; Debit Building , $240,000 D) Debit Building , $90,000 ; Credit common stock , $90,000

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...

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		A) Debit to Building, $400,000; credit to common stock, $400,000
		B) Debit to Building, $240,000 ; Credit to common stock, $400,000
		C) Credit Paid- in capital in excess of par value , $150,000 ; Debit Building , $240,000
		D) Debit Building , $90,000 ; Credit common stock , $90,000