A company issued 700 shares of $2 par common stock in exchange for a piece of equipment with a current market value of $24,000. Which of the following is the correct journal entry for this transaction?

A. Equipment 24,000

Common Stock 700

Paid - in Capital in Excess of Par - Common 23,300

B. Equipment 24,000

Common Stock 1,400

Paid - in Capital in Excess of Par - Common 22,600

C. Paid - in Capital in Excess of Par - Common 22,600

Common Stock 1,400

Equipment 24,000

D. Equipment 24,000

Common Stock 24,000

Caesar Corporation has 280,000 shares of $9 - par common stock outstanding. They have declared a 8% stock dividend. The current market price of the common stock is $14/share. The amount that will be credited to Paid - in Capital in Excess of Par Common Stock on the date of declaration is:

A. $515,200.

B. $112,000.

C. $201,600.

D. $313,600.