Olsson Corporation received a check from its underwriters for $76 million. This was for the...
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Accounting
Olsson Corporation received a check from its underwriters for $76 million. This was for the issue of one million of its $5 par stock that the underwriters expect to sell for $76 per share. Which is the correct entry to record the issue of the stock?
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| Cash | 76,000,000 | |
| Common stock | 5,000,000 | |
| Paid-in capitalexcess of par | 71,000,000 |
| Cash | 76,000,000 | |
| Stock issue expense | 22,000,000 | |
| Stock contract receivable | 54,000,000 |
| Cash | 76,000,000 | |
| Common stock | 76,000,000 |
| Cash | 76,000,000 | |
| Deferred stock issue revenue | 22,000,000 | |
| Common stock | 5,000,000 | |
| Paid-in capitalexcess of par | 49,000,000 |
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