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Samson Sofas, a family-owned corporation, issued 6.75% bonds with a face amount of $12 million, together with 2 million shares of its $1 par value common stock,

/in /by

Samson Sofas, a family-owned corporation, issued 6.75% bonds with a face amount of

$12 million, together with 2 million shares of its $1 par value common stock, for a combined cash amount of $22 million. The market value of Samson’s stock cannot be determined. The bonds would have sold for $9 million if issued separately. Samson should record for paid-in capital – excess of par on the transaction in the amount of:

(A)  $8 million

(B)  $9 million

(C)  $11 million

(D) $13 million

 
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