The entry to record the issuance of 1,000 shares of $2 stated-value common stock for $10 a share consists of a debit to Cash for $10,000 and a credit to Common Stock for
A) $10,000.
B) $2,000 and a credit to Paid-in Capital in Excess of Par Value-Common Stock for $8,000.
C) $2,000 and a credit to Paid-in Capital in Excess of Stated Value-Common Stock for $8,000.
D) $2,000 and a credit to Gain On Sale of Common Stock for $8,000.
Correct Answer:
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