8. If 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. 9. Jackson Company is a publicly held corporation whose $1 par value stock is actively traded at $64 per share. The company issued 3,000 shares of stock to acquire land recently advertised at $200,000. When recording this transaction, Barton Company will a. debit Land for $200,000 b. credit Common Stock for $192,000. c. debit Land for $192,000. d. credit Paid In Capital in Excess of Par for $196,000 10. Delta Corp. issues 4,000 shares of $10 par value common stock at $14 per share. When the transaction is recorded, credits are made to a. Common Stock $40,000 and Paid-in Capital in Excess of Stated Value $16,000. b. Common Stock $56,000. c. Common Stock $40,000 and Paid-in Capital in Excess of Par $16,000. d. Common Stock $40,000 and Retained Eamings $16,000. 11. Abbie's Organics Corporation began business in 2020 by issuing 50,000 shares of $3 par common stock for $8 per share and 20.000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $12. On its December 31, 2020 balance sheet, Carson Packaging would report a. Common Stock of $600,000. b. Common Stock of $150,000 c. Common Stock of $400,000. d Paid-In Capital of $150,000. 12. East Asian Imports, Inc. issued 15.000 shares of stock at a stated value of $8 per share. The total issue of stock sold for $15 per share. The joumal entry to record this transaction would include a a. debit to Cash for $120,000. b. credit to Common Stock for $120,000. C. credit to Paid-in Capital in Excess of Par for $125,000. d. credit to Common Stock for $125,000