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A corporation has the following journal entry recorded on June 15 of the current year: Debit: Cash$76,000 Credit: Common Stock$15,200 Credit: Paid-in Capital in Excess

A corporation has the following journal entry recorded on June 15 of the current year:

Debit: Cash$76,000

Credit: Common Stock$15,200

Credit: Paid-in Capital in Excess of Par..$60,800

The stock was sold for $20 per share. What is the par of the stock, and how many shares were sold?

Answers:

$20 par and 760 share

$4 par and 3800 shares

$80 par and 760 shares

$20 par and 3,800 shares

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