Elegant Corporation received subscriptions for 100 shares of its $105 par value common stock for $124 per share. The entry to record the receipt of the subscriptions would include a:
A) debit to Common Stock Subscribed for $10,500.
B) debit to Subscriptions Receivable-Common Stock for $10,500.
C) credit to Paid-in Capital in Excess of Par Value-Common for $1,900.
D) credit to Common Stock to be Outstanding $12,400.
Correct Answer:
Verified
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