Luxury Motors Issued 510 Shares of Its $8 Common Stock

Luxury Motors issued 510 shares of its $8 common stock in exchange for equipment with a fair market value of $8,200. The entry to record the transaction would include a:

A) debit to Equipment for $4,080.
B) credit to Common Stock for $4,080.
C) debit to Paid-in Capital in Excess of Par Value-Common for $4,120.
D) credit to Common Stock Subscribed for $4,080.