If Vaughn Manufacturing issues 11500 shares of $10 par value common stock for $415000, the account...

Question

Question

If Vaughn Manufacturing issues 11500 shares of $10 par value common stock for $415000, the account

Paid-in Capital in Excess of Par Value will be credited for $415000.

Cash will be debited for $300000.

Common Stock will be credited for $115000.

Paid-in Capital in Excess of Par Value will be credited for $115000.

8-4

Answer 1

Answer #1

Correct answer-----------Common Stock will be credited for $115000..

.

Complete entry for issue of common stock is given below.

Cash	$ 415,000
Common stock (11500 x 10)		$ 115,000
Paid-in Capital in Excess of Par Value		$ 300,000

Answer 2

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