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Olsson Corporation received a check from its underwriters for $71 million. This was for the...

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Question

Accounting

Olsson Corporation received a check from its underwriters for $71 million. This was for the issue of one million of its $5 par stock that the underwriters expect to sell for $71 per share. Which is the correct entry to record the issue of the stock?

Multiple Choice

Cash 71,000,000
Stock issue expense 23,000,000
Stock contract receivable 48,000,000
Cash 71,000,000
Deferred stock issue revenue 23,000,000
Common stock 5,000,000
Paid-in capital excess of par 43,000,000
Cash 71,000,000
Common stock 5,000,000
Paid-in capital excess of par 66,000,000
Cash 71,000,000
Common stock 71,000,000

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