ABC Sells 400 Shares of Its $23 Par Common Stock

question 121

Multiple Choice

ABC sells 400 shares of its $23 par common stock for $27.The entry would entail a credit(s) of:

• A)Cash of $9,200.
• B)Paid-in Capital in Excess of Par-Common for $800; Common Stock for $10,800.
• C)Paid-in Capital in Excess of Par-Common for $1,600; Common Stock for $9,200.
• D)Common Stock for $10,800.