ACME Company issued 10,000 shares of no-par common stock for $1,100,000. Which of the following...
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Accounting
ACME Company issued 10,000 shares of no-par common stock for $1,100,000. Which of the following journal entries would be made if the stock has a stated value of $20 per share?
Group of answer choices
Dr. Common Stock 1,100,000 Cr. Cash 1,100,000
Dr. Cash 1,100,000 Cr. Common Stock 1,100,000
Dr. Cash 1,100,000 Cr. Common Stock 200,000 Cr. Paid-in Capital in Excess of Par 900,000
Dr. Cash 1,100,000 Cr. Common Stock 200,000 Cr. Paid-in Capital in Excess of Stated Value 900,000
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