Rebel Inc Issued 3,000 Shares of No-Par Common Stock with a a Stated

question 63

Multiple Choice

Rebel Inc. issued 3,000 shares of no-par common stock with a stated value of $3 per share. The market price of the stock on the date of issuance was $12 per share. The entry to record this transaction includes a

• A) debit to Cash for $9,000.
• B) credit to Common Stock for $36,000.
• C) credit to Common Stock for $9,000.
• D) debit to Paid-in Capital in Excess of Par Value for $36,000.