When Wisconsin Corporation was formed on January 1, the corporate charter provided for 100,000 shares of $10 par value common stock.  The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 8,500 shares of stock at a price of $16 per share.   ​ The entry to record the above transaction would include a Select one: a. debit to Cash for $85,000 b. credit to Common Stock for $136,000 c. credit to Paid-In Capital in Excess of Par for $51,000 d. debit to Common Stock for $85,000

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 10MC: A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the...
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When Wisconsin Corporation was formed on January 1, the corporate charter provided for 100,000 shares of $10 par value common stock.  The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 8,500 shares of stock at a price of $16 per share.  

The entry to record the above transaction would include a

Select one:
a. debit to Cash for $85,000
b. credit to Common Stock for $136,000
c. credit to Paid-In Capital in Excess of Par for $51,000
d. debit to Common Stock for $85,000
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