Question 21 Ranier Company is authorized to issue 10,000 shares of 8%, $100 par

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Question 21 Ranier Company is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. If Ranier issues 5,000 shares of preferred stock for land with an asking price of $600,000 and a market value of $540,000, which of the following would be the journal entry for Ranier to record? Land 500,000 Preferred Stock 500,000 Land 540,000 Preferred Stock 540,000 Land 540,000 Preferred Stock 500,000 Paid-in Capital Excess of Par-Preferred 40,000 Land 600,000 Preferred Stock 500,000 Paid-in Capital in Excess of Par-Preferred

Explanation / Answer

Land 540,000 Preferred Stock 500,000

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