1. (Multiple Choice)
Stringer Corporation issued 5,000 shares of $2 par value common stock.
The issue price was $7.50 per share. The entry to record this transaction includes a:
A. debit to Cash for $10,000.
B. debit to Paid-in Capital in Excess of Par for $27,500.
C. debit to Common Stock for $10,000.
D. credit to Gain on Stock $37,500.
E. None of these
2. (Multiple Choice)
On April 1, 20X6, Ratchford Industries issued $500,000 of credit to Bonds Payable of $503,000. C. a debit to Premium on Bonds Payable of $15,000. D. All of the above. E. None of these.
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