On June 1, 2019, 4,000 shares of $10 par value common stock are issued in exchange for new equipment. The equipment has a fair market value of $116,000. In recording this transaction, what amount should be allocated to APIC - CS?

$76,000

Explanation:

Equipment Fair Value = $116,000. Thus, total value of shares issued is same.

No of common shares issued = 4,000

Price per share issued = 116,000/4000 = $29/shares

Par value per share = $10

Total Par Value of Shares issued = 4,000*$10 = $40,000

Amount in excess of par per share = $29 - $10 = $19

Total Amount to be credited in APIC-CS = $19 * 4000 = $76,000. Thus, amount to be allocated to Additional Paid In Capital-CS = $76,000.

c

explanation:

c because the item on a bank statement is also referred to as an account statement. in addition, it provides the beginning balance, ending balance, statement date, transaction date for each transaction, payee, customer name and address, statement period, the account holder's account number, and the bank's customer service number

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