New Corp.issues 2,000 shares of $10 par value common stock at $16 per share.When the transaction is recorded, credits are made to
A) Common Stock $20,000 and Paid-in Capital in Excess of Stated Value $12,000.
B) Common Stock $32,000.
C) Common Stock $20,000 and Paid-in Capital in Excess of Par $12,000.
D) Common Stock $20,000 and Retained Earnings $12,000.
Correct Answer:
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