A corporation sold 12,000 shares of its $10 par value common stock at a cash price of $11 per share. The entry to record this transaction would include:

Multiple Choice:

• A debit to Paid-in Capital in Excess of Par Value, Common Stock for $132,000.

• A credit to Common Stock for $120,000.

• A credit to Paid-in Capital in Excess of Par Value, Common Stock for $252,000.

• A credit to Common Stock for $132,000.

• A debit to Cash for $120,000.