If Norben Company Issues 4,000 Shares of $5 Par Value

question 276

Multiple Choice

If Norben Company issues 4,000 shares of $5 par value common stock for $140,000, the account

• A) Common Stock will be credited for $140,000.
• B) Paid-in Capital in Excess of Par Value will be credited for $20,000.
• C) Paid-in Capital in Excess of Par Value will be credited for $120,000.
• D) Cash will be debited for $120,000.

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