Question Details

The cost of a noncash asset acquired in exchange 

True or False:
1. A successful corporation can have a continuous and perpetual life.
2. Organizational costs are capitalized by debiting an intangible asset entitled Organization
Costs.
3. The cash proceeds from issuing par value stock may be equal to or greater than, but not
less than par value.
4. The cost of a noncash asset acquired in exchange for common stock should be either the
fair market value of the consideration given up or the consideration received, whichever is
more clearly determinable.
5. Under the cost method, Treasury Stock is debited at the price paid to reacquire the
shares, and the same amount is credited to Treasury Stock when the shares are sold.
6. Book value per share is the same thing as liquidation value per share




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