5. Blue Company is authorized to issue 500,000 shares of $1 par value common stock. On May 1, 2006, Blue issues 50,000 shares for $75,000. The journal entry to record the issuance of stock includes a credit to: a. Cash, $75,000 b. Common stock, $75,000 c. Common stock, S50,000 d. Common stock, S50,000, and Paid-in-capital, S25,000 e. None of the above 6. Red Company is authorized to issue 500,000 shares of no-par value common stock. On May 1, 2006, Red issues 50,000 shares for $75,000. The journal entry to record the issuance of stock includes a credit to: a. Cash, $75,000 b. Common stock, $75,000 C. Common stock, $50,000 d. Common stock, $50,000, and Paid-in-capital, $25,000 e. None of the above 7. Green Company is authorized to issue 500,000 shares of no-par value common stock. The stock has a stated value of $1 per share. On May 1, 2006, Green issues 50,000 shares for $75,000. The journal entry to record the issuance of stock includes a credit to: a. Cash, $75,000 b. Common stock, S75,000 c. Common stock, S50,000 d. Common stock, $50,000, and Paid-in-capital, $25,000 e. None of the above