Question

Nexis Corp. issues 2,470 shares of $11 par value common stock at $16 per share. When...

Nexis Corp. issues 2,470 shares of $11 par value common stock at $16 per share. When the transaction is recorded, credits are made to

a.Common Stock, $12,350 and Retained Earnings, $27,170.

b.Common Stock, $12,350 and Paid-In Capital in Excess of Stated Value, $27,170.

c.Common Stock, $39,520.

d.Common Stock, $27,170, and Paid-In Capital in Excess of Par—Common Stock, $12,350.

A corporation has 43,671 shares of $32 par stock outstanding that has a current market value of $300 per share. If the corporation issues a 4-for-1 stock split, the market value of the stock will fall to approximately

a.$268.00

b.$75.00

c.$8.00

d.$1,200.00

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