Common stock par 500 common stock additional paid in

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Financial and Managerial Accounting Using Excel for Success
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Chapter 8 / Exercise PR 8–6B
Financial and Managerial Accounting Using Excel for Success
Reeve/Warren
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Common Stock, Par$500Common Stock, Additional Paid in Capital$72,000A company sold 10,000 shares of its own $1 par value common stock for $12,000. The entry to record the sale would include aSelect one:a. A credit to Common Stock, Par Value, of $12,000. Cash would be debited $12,000. b. None of these c. A debit to Common Stock, Par Value, of $10,000 and a debit to Common Stock, Additional Paid in Capital, of $2,000. Cash would be credited $12,000.
d. A credit to Common Stock, Par Value, of $10,000 and a credit to Treasury Stock of $2,000. Cash would be debited $12,000. ABC Company sold a machine for $56,000 that originally cost $306,000. The balance of the Accumulated Depreciation account related to this equipment was $240,000. The entry to record the gain or loss on the disposal of this machine would include
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Financial and Managerial Accounting Using Excel for Success
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Chapter 8 / Exercise PR 8–6B
Financial and Managerial Accounting Using Excel for Success
Reeve/Warren
Expert Verified
c. A credit to gain in the amount of $10,000 d. A credit to loss in the amount off $10,000 Company A gave land to an employee as payment for services rendered. The land originally cost $43,000 when the Company bought it, but it had a value of $52,000 on the date it was given to the employee. Make the journal entry (or entries) necessary to record this transaction.

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