1 A corporation issued 4,500 shares of its no par common stock at a cash price of $10 per share. The entry to record this transaction would be:

• Debit Cash $45,000; credit Common Stock $45,000.

• Debit Treasury Stock $4,500; debit Paid-in Capital in Excess of Par Value, Treasury Stock $40,500; credit Common Stock $45,000.

• Debit Cash $45,000; credit Paid-in Capital in Excess of Par Value, Common Stock $4,500; credit Common Stock $40,500.

• Debit Common Stock $45,000; credit Cash $45,000.

• Debit Treasury Stock $45,000; credit Cash $45,000.

2 Aviation Incorporated has 130,000 shares authorized, 120,000 shares issued and no treasury stock. Determine the number of shares outstanding:

• 0.

• 10,000.

• 120,000.

• None of the above.

• 130,000.