The entry to record selling 1,200 shares of no-par common stock with a stated value of $67 for $71 would be to:
A) debit Cash $85,200; credit Common Stock $85,200.
B) debit Cash $80,400; credit Common Stock $80,400.
C) debit Cash $80,400; credit Common Stock $85,200; debit Paid-in Capital in Excess of Par Value-Common $4,800.
D) debit Cash $85,200; credit Common Stock $80,400; credit Paid-in Capital in Excess of Stated Value-Common $4,800.
Correct Answer:
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