Reference no: EM132822943

Questions -

Q1. On February 05, 2020, corporation issued 1,800 shares of $3 par value common stock for $8,100 cash. What the amount recorded for the "paid-in capital in excess of PAR" account?

a. $0

b. $2,600

c. $2,700

d. $2,800

e. None of the above

Q2. On September 1, 2020, BEE Company issued 3,800 shares of its $110 par value preferred shares for equipment. The equipment has a market value of $460,000 and an asking price of $480,000. Which of the following is true?

a. Debit Equipment for $460,000

b. Debit Equipment for $480,000

c. Credit Preferred stock for $460,000

d. Credit Preferred stock for $480,000

e. None of the above