If stock is issued for less than par value, the account
Paid-In Capital in Excess of Par is debited if a debit balance exists in
the account.
Paid-In Capital in Excess of Par is debited if a credit balance exists in
the account.
Paid-In Capital in Excess of Par is credited.
Retained Earnings is credited.
14Multiple Choice Question 83
When stock is issued for legal services, the transaction is recorded by
debiting Organization Expense for the
par value of the stock.
market value of the stock.
book value of the stock.
stated value of the stock.
15Multiple Choice Question 160
Win, Inc. has 10,000 shares of 7%, $100 par value, cumulative
preferred stock and 100,000 shares of $1 par value common stock
outstanding at December 31, 2013. If the board of directors declares a
$60,000 dividend, the
$60,000 will be held as restricted retained earnings and paid out at
some future date.