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Alt Corp. issues 5,000 shares of $10 par value common stock at $14 per share. When the transaction is recorded, credits are made to: a. Common Stock $50,000 and Paid-in Capital in Excess of Stated Value $20,000. b. Common Stock $70,000. c. Common Stock $50,000 and Paid-in Capital in Excess of Par Value $20,000. d. Common Stock $50,000 and Retained Earnings $20,000

Alt Corp. issues 5,000 shares of $10 par value common stock at $14 per share. When the transaction is recorded, credits are made to: a. Common Stock $50,000 and Paid-in Capital in Excess of Stated Value $20,000. b. Common Stock $70,000. c. Common Stock $50,000 and Paid-in Capital in Excess of Par Value $20,000. d. Common Stock $50,000 and Retained Earnings $20,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Alt Corp. issues 5,000 shares of $10 par value common stock at $14 per share. When the transaction is recorded, credits are made to:

a. Common Stock $50,000 and Paid-in Capital in Excess of Stated Value $20,000.

b. Common Stock $70,000.

c. Common Stock $50,000 and Paid-in Capital in Excess of Par Value $20,000.

d. Common Stock $50,000 and Retained Earnings $20,000

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