Nexis Corp. issues 1,000 shares of $15 par value common stock at $22 per share. When the transaction is recorded, credits are made to

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The par value of the common stock issued is $15 per share, and the issuance price is $22 per share. Therefore, the company receives $7 in excess of par value for each share issued. The total amount received by the company is $22,000 (1,000 shares x $22 per share). The credits are made to Common Stock for the par value of shares issued, which is $15,000 (1,000 shares x $15 par value per share) and to Paid-In Capital in Excess of Par-Common Stock for the excess amount received, which is $7,000 (1,000 shares x $7 excess per share).