8

A company issued 50 shares of $100 par value common stock for $7400 cash. The journal entry to record the issuance is: Multiple Choice Debit Investment in Common Stock $7,400, Credit Cash $7400 Debit Cash $7,400, credit Common Stock $5,000 credit Paid in Capital in Excess of Par Value, Common Stock $2.400 Debit Common Stock $5.000, debit investment in Common Stock $2,400, credit Cash $7,400 Debit Cash $7400; credit Paid in Capital in Excess of Par Value, Common Stock $5,000, credit Common Stock 52.400 Debit Cash $7,400, Credit Common Stock $7400