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This Tutorial contains All possible Questions from this chapter (it
contains more than 200 questions set)

SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF
THOSE 200 QUESTIONS

1Multiple 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