The entry to record MidIowa.net selling 1,000 shares of $8.00 par value common stock at $10.00 would be to:

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When a company sells shares above their par value, the entry includes debiting Cash for the total amount received, crediting Common Stock for the par value multiplied by the number of shares, and crediting Paid-in Capital in Excess of Par Value for the amount received above the par value. In this case, $10,000 is received (1,000 shares at $10 each), the Common Stock is credited for $8,000 (1,000 shares at the $8 par value), and the excess $2,000 is credited to Paid-in Capital in Excess of Par Value.

The Entry to Record MidIowa