Case $13\mathrm{.}1$

The following information is from the balance sheet of Tudor Corporation as of December $31,2006.$

$\backslash$table$[[$Preferred stock, $$100$ par,$$500,000,],[$Paid$-$in capital in excess of par $-$ preferred,,$],[$Common stock, $$1$ par,$190,000,],[$Paid$-$in capital in excess of par $-$ common,,$380,000],[$Retained earnings,$131,{500}_{{?}_{?}},],[$Total stockholders' equity,$1,236,{500}_{{?}_{?}},]]$

Refer to Case $13\mathrm{.}1.$ What is the average issue price of the preferred stock shares?

A$)$ $$176$

B$)$ $$100$

C$)$ $$107$

D$)$ The average price cannot be determined from the information given

Which of the following would be included in the entry to record the issuance of $2,000$ shares of no$-$par common stock at $$40$ per share?

A$)$ Cash would be debited for $$80,000.$

B$)$ Cash would be credited for $$80,000.$

C$)$ Paid$-$in capital in excess of par $-$ common would be credited for $$80,000.$

D$)$ Common stock would be debited for $$80,000.$