A corporation issued 3,400 shares of its no par common stock at a cash price of $12 per share. The entry to record this transaction would be:

Multiple Choice

A.) Debit Common Stock $40,800; credit Cash $40,800.

B.) Debit Treasury Stock $3,400; debit Paid-in Capital in Excess of Par Value, Treasury Stock $37,400; credit Common Stock $40,800.

C.) Debit Cash $40,800; credit Paid-in Capital in Excess of Par Value, Common Stock $3,400; credit Common Stock $37,400.

D.) Debit Cash $40,800; credit Common Stock $40,800.

E.) Debit Treasury Stock $40,800; credit Cash $40,800.