Reference no: EM132795556
Problem 1: Which of the following journal entries is correct for Smith Company when Smith issues 10,000 shares of $20 par value common stock and pays $20,000 cash in exchange for a building? The market price of the Smith stock on the exchange date was $35 per share and the building's book value on the books of the seller was $200,000.
Option A. Building 220,000
Cash 20,000
Common stock 200,000
Option B. Building 370,000
Cash 20,000
Common Stock 350,000
Option C. Building 370,000
Cash 20,000
Common stock 200,000
Additional paid-in capital 150,000
Option D. Building 200,000
Common stock 200,000
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