Bandit, Inc., issued for $19 per share 5,000 shares of $10 par value common stock. The entry to record this transaction includes:
A) Increase Cash for 95,000; and increase Common Stock for 95,000
B) Increase Cash for 95,000; increase Common Stock for 50,000 and increase Paid-in Capital in Excess of Par Value for 45,000
C) Increase Cash for 95,000; increase Common Stock for 50,000 and increase Retained Earnings for 45,000
D) Increase Cash for 95,000; increase Common Stock for 50,000 and increase Gain on Sale of Stock for 45,000
E) None of the above
Correct Answer:
Verified
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