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Question
A corporation issued 5,000 shares of its no par common stock that was assigned a $1 stated value per share. The issue price was $10 per share. The entry to record this transaction would be:A.Debit Cash $50,000; credit Paid-in Capital in Excess of Par Value, Common Stock $45,000; credit Common Stock $5,000.
B.Debit Cash $50,000; credit Common Stock $50,000.
C.Debit Common Stock $50,000; credit Cash $50,000.
D.Debit Treasury Stock $50,000; credit Cash $50,000.
E.Debit Common Stock $25,000; debit Paid-in Capital in Excess of Par Value, Common Stock $5,000; credit Common Stock $45,000.
Answer
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