Oriole Corp. issues 2200 shares of $10 par value common stock at $17 per share.

Question

Oriole Corp. issues 2200 shares of $10 par value common stock at $17 per share. When the transaction is recorded, credits are made to

A. Common Stock $22000 and Retained Earnings $15400.

B. Common Stock $22000 and Paid-in Capital in Excess of Stated Value $15400.

C. Common Stock $22000 and Paid-in Capital in Excess of Par $15400.

D. Common Stock $37400.

Oriole, Inc. issued 10800 shares of stock at a stated value of $10/share. The total issue of stock sold for $13 per share. The journal entry to record this transaction would include

B. credit to Paid-in Capital in Excess of Par for $140400.

C.credit to Common Stock for $140400.

B. credit to Paid-in Capital in Excess of Par for $140400.

Explanation / Answer

1 Common Stock $22000 and Paid-in Capital in Excess of Par $15400. 2 Credit to Common Stock for $108000.

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