Use the following information to answer the question below. When Langston Corporation was formed on January 1, 20x5, the corporate charter provided for 100,000 shares of $10 par value common stock. The following transactions were among those engaged in by the corporation during its first month of operation: 1. The corporation issued 400 shares of stock to its lawyer in full payment of the $10,000
bill for assisting the company in drawing up its articles of incorporation and filing the proper papers with the state agency. 2. The company issued 16,000 shares of stock at a price of $50 per share. 3. The company issued 14,000 shares of stock in exchange for equipment that had a fair market value of $320,000. The entry to record transaction 2 is
A) Cash 800,000 Common Stock 800,000
B) Cash 800,000 Common Stock 160,000Additional Paid-in Capital 640,000
C) Cash 160,000 Additional Paid-in Capital 640,000Common Stock 800,000
D) Cash 160,000 Common Stock 160,000
B
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