Credit side of a the balance of revenue account is transferred
anything of value to consumers
Answer:
Date Account Titles and Explanation Debit Credit
Land $84,000
Common stock $12,000
Paid in capital in excess of par value $72,000
Workings:
Amount of Common stock = Number of shares * Paid in capital per share
= 6,000 shares * $2
= $12,000
Amount of excess of paid in capital = Market value of land - Amount of common stock
= $84,000 - $12,000
= $72,000
Forging is the process of applying thermal and mechanical energy to steel billets or ingots to result into a changed shape of the material while in a solid state. The raw material is solid metal in this case.
