10) A company issued 60 shares of $100 par value common stock for $7,000 cash. The journal entry to record the issuance is: A) Debit Cash $7,000; credit Common Stock $6,000; credit Paid-in Capital in Excess of Par Value, Common Stock $1,000. B) Debit Cash $7,000; credit Common Stock $7,000. C) Debit Investment in Common Stock $7,000; credit Cash $7,000. D) Debit Cash $7,000; credit Paid-in Capital in Excess of Par Value, Common Stock $6,000; credit Common Stock $1,000. E) Debit Common Stock $6,000; debit Investment in Common Stock $1,000; credit Cash $7,000. 11) On September 1, Ziegler Corporation had 50,000 shares of $5 par value common stock, and $1,500,000 of retained earnings. On that date, when the market price of the stock is $15 per share, the corporation issues a 2-for-1 stock split. The general journal entry to record this transaction is: A) Debit Retained Earnings $250,000; credit Common Stock $250,000. B) Debit Retained Earnings $750,000; credit Common Stock $750,000. C) Debit Retained Earnings $250,000, credit Stock Split Payable $250,000. D) Debit Retained Earnings $750,000; credit Common Stock Split Distributable $750,000. E) No entry is made for this transaction