Sunrise Online issued 500 shares of its $10 common stock in exchange for equipment with a fair market value of $7,500. The entry to record the transaction would include a
A. debit to Equipment for $5,000.
B. debit to Common Stock for $5,000.
C. credit to Paid-In Capital in Excess of Par Value for $2,500.
D. credit to Common Stock Subscribed for $5,000.
Answers (2)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Sunrise Online issued 500 shares of its $10 common stock in exchange for equipment with a fair market value of $7,500. The entry to record ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
The following transactions are for Kingbird Company. 1. On December 3, Kingbird Company sold $473,800 of merchandise to Blossom Co., on account, terms 2/10, n/30. The cost of the merchandise sold was $320,000. 2. On December 8, Blossom Co.
Answers (1)
Are copywrites to government documents free
Answers (1)
How is a post from a social media influencer different than a comment from a regular consumer? The influencer is paid to post the product The post by the influencer may have been posted by the seller The post by the influencer is likely one-sided It
Answers (1)
Suppose a binding price floor on sparkling wine is proposed by the Health Minister of the country of Vinyardia. What will be the likely effect on the market for sparkling wine in Vinyardia?
Answers (1)
Nash Corporation owns machinery that cost $24,400 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $2,928 per year, resulting in a balance in accumulated depreciation of $10,248 at December 31, 2020.
Answers (1)
New Questions in Business
What is the type of loan obtained through credit card with extremely high rates of interest?
Answers (1)
This is a function of money in which any item - such as currency - that is widely accepted in the exchange of other goods or services.
Answers (1)
Describe how the mobile device has become a prominent way for companies to interact with their clients. In what ways do you see this evolving more over the next 5 years?
Answers (1)
Larance Detailing's cost formula for its materials and supplies is $2,230 per month plus $1 per vehicle. For the month of November, the company planned for activity of 75 vehicles, but the actual level of activity was 25 vehicles.
Answers (1)
In need of extra cash, Troy and Lily decide to withdraw $2 comma 100 from their traditional IRA. They are both 40 years old. They are in a 35 % marginal tax bracket. What will be the tax consequences of this withdrawal?
Answers (1)