Alliance Corp. issues 1,620 shares of $10 par value common stock at $16 per share. When the transaction is recorded, what credit entry or entries are made?

Select the correct answer.

Common Stock $16,200 and Paid-in Capital in Excess of Par Value $9,720.

Common Stock $25,920.

Common Stock $9,720 and Retained Earnings $16,200.

Common Stock $16,200 and Paid-in Capital in Excess of Stated Value $9,720.