East Asian Imports Inc. issued 15000 shares of stock at a stated value of $8 per share. The total issue of stock sold for $15 per share. The journal entry to record this transaction would include a
A) debit to Cash for $120000.
B) credit to Common Stock for $120000.
C) credit to Paid-in Capital in Excess of Par for $125000.
D) credit to Common Stock for $125000.
Correct Answer:
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