Please mark “T” for true or “F” for false in space next to each statement.

1. ____ A $20,000, 8%, 9-month note payable requires an interest payment of $1,200 at maturity.

2. ____ The par value of common stock must always be equal to its market value on the date the stock is issued.

3. ____ Paid-in capital is the amount paid in to the corporation by stockholders in exchange for shares of ownership.

Answer rating: 100% (QA)

1True 2 False 3 true Explanation Interest expense on a note payable is only recorded ... View the full answer