Problemif marvine company issues 2000 shares of 5 par value, Ask an Expert

Accounting

Problem:

If Marvine Company issues 2,000 shares of $5 par value common stock for $140,000, the appropriate journal entry to records this transaction will include:

Paid-in Capital in Excess of Par Value will be credited for $10,000.
Cash will be debited for $130,000.
Common Stock will be credited for $140,000.
Paid-in Capital in Excess of Par Value will be credited for $130,000.

Note: Explain all calculation and formulas.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164948

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