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