SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS
1- Multiple Choice Question 123
Ranier Company is authorized to issue 10,000 shares of 8 %, $ 100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $ 1 per share . If Ranier issues 5,000 shares of preferred stock for land with an asking price of $ 600,000 and a market value of $ 540,000 , which of the following would be the journal entry for Ranier to record ?
Land 540,000 Preferred Stock 540,000 Land 540,000 Preferred Stock 500,000 Paid-in Capital Excess of Par-Preferred 40,000 Land 500,000 Preferred Stock 500,000 Land 600,000 Preferred Stock 500,000 Paid-in Capital in Excess of Par-Preferred 100,000 2- Multiple Choice Question 181