Sheridan Corp. issues 5200 shares of $10 par value common stock at $16 per share. When the transaction is recorded, credits are made to O Common Stock $52000 and Paid-in Capital in Excess of Par $31200. O Common Stock $52000 and Paid-in Capital in Excess of Stated Value $31200. O Common Stock $52000 and Retained Earnings $31200. O Common Stock $83200.

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
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Sheridan Corp. issues 5200 shares of $10 par value common stock at $16 per share. When the transaction is recorded, credits are
made to
Common Stock $52000 and Paid-in Capital in Excess of Par $31200.
O Common Stock $52000 and Paid-in Capital in Excess of Stated Value $31200.
O Common Stock $52000 and Retained Earnings $31200.
O Common Stock $83200.
Transcribed Image Text:Sheridan Corp. issues 5200 shares of $10 par value common stock at $16 per share. When the transaction is recorded, credits are made to Common Stock $52000 and Paid-in Capital in Excess of Par $31200. O Common Stock $52000 and Paid-in Capital in Excess of Stated Value $31200. O Common Stock $52000 and Retained Earnings $31200. O Common Stock $83200.
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