Sunrise Online issued 500 shares of its $10 common stock in exchange for equipment with a fair market value of $7,500.The entry to record the transaction would include a:
A) debit to Equipment for $5,000.
B) credit to Common Stock for $5,000.
C) debit to Paid-in Capital in Excess of Par Value-Common for $2,500.
D) credit to Common Stock Subscribed for $5,000.
Correct Answer:
Verified
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