10. If no-par stock is issued without a stated value, then a. the par value is automatically $1 per share. b. the entire proceeds are considered to be legal capital. c. there is no legal capital. d. the corporation is automatically in violation of its state charter. I Baylor Company issues 8,000 shares of $5 par value common stock for $280,000, a. Common Stock will be credited for $280,000. b. Paid-In Capital in Excess of Par will be credited for $40,000 c. Paid-In Capital in Excess of Par will be credited for $240,000. d. Cash will be debited for $240,000. 12 East Asian Imports, Inc. issued 15,000 shares of stock at a stated value of $8 The total issue of stock sold for $15 per share. The journal entry to transaction would include a a debit to Cash for $120,000