Osbourne,Inc.issued 50,000 shares of common stock in exchange for manufacturing equipment.The equipment has a fair value of $1,210,000.The stock has a par value of $0.02 per share.The journal entry to record this transaction includes a ________.
A) debit to Cash for $12,090,000
B) credit to Gain on Sale of Common Stock for $1,260,000
C) credit to Paid-In Capital in Excess of Par-Common for $1,209,000
D) credit to Common Stock-$0.02 Par Value for $1,210,000
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