When a corporation sells 10,000 shares of $10 par value common stock for $120,000, the Common Stock account is credited for $100,000.

Name: When a corporation sells 10,000 shares of $10 par value common stock for $120,000, the Common Stock account is credited for $100,000.
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The Common Stock account is credited for the par value of the shares issued, which is 10,000 shares x $10 par value = $100,000. The excess amount received is credited to Additional Paid-In Capital.

When a Corporation Sells 10,000 Shares of $10 Par Value