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upton upton
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When stock is exchanged for non-cash assets:
A) debit the asset for prior book value; credit Common Stock for cash received.
B) debit assets for par value; credit Common Stock for par value.
C) debit assets for market value; credit Common Stock for par value and, if needed, Paid-in Capital in Excess of Par Value-Common.
D) debit assets for market value; credit Common Stock for market value.
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College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
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OmpaOmpa
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upton Author
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