Multiple Choice
Exhibit 16-1 Hanson Co.issued 10, 000 shares of its $5 par common stock for $15 a share.In addition, it incurred legal and accounting fees, stock certificate costs, and other related expenses totaling $8, 500.
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Refer to Exhibit 16-1.Assume the sale was the initial issuance of stock at incorporation for Hanson Co.The entry to record the sale would include a
A) debit to Cash for $150, 000
B) credit to Common Stock for $150, 000
C) debit to Organization Expense for $8, 500
D) credit to Additional Paid-in Capital on Common Stock for $91, 500
Correct Answer:
Verified
Correct Answer:
Verified
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