The entry to record selling 150 shares of no-par common stock with a stated value of $30 for $40 would be to:
A) debit Common Stock for $6,000; credit Cash for $6,000.
B) debit Cash for $6,000; credit Common Stock for $6,000.
C) debit Cash for $6,000; credit Common Stock for $4,500; credit Paid-In Capital in Excess of Stated Value-Common for $1,500.
D) debit Cash for $6,000; credit Common Stock for $4,500; credit Paid-In Capital in Excess of Par Value-Common for $1,500.
Correct Answer:
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