When stock is exchanged for noncash assets,

Question 19 options:

A debit the asset for prior book value and credit Common Stock for cash received.

B debit assets for market value and credit Common Stock for par value; if needed, credit Paid-In Capital in Excess of Par.

C debit assets for market value and credit Common Stock for market value.

D debit assets for par value and credit Common Stock for par value.