Alt Corp Issues 3,000 Shares of $10 Par Value Common Stock

question 277

Multiple Choice

Alt Corp. issues 3,000 shares of $10 par value common stock at $14 per share. When the transaction is recorded, credits are made to:

• A) Common Stock $30,000 and Paid-in Capital in Excess of Stated Value $12,000.
• B) Common Stock $28,000.
• C) Common Stock $30,000 and Paid-in Capital in Excess of Par Value $12,000.
• D) Common Stock $30,000 and Retained Earnings $12,000.