Comfort Mattresses, Inc. sold 26,000 shares of its $1 par value common stock at a cash price of $12 per share. The entry to record this transaction would be:

Debit Common Stock $26,000; debit Paid-in Capital in Excess of Par Value, Common Stock $286,000; credit Cash $312,000.

Debit Cash $312,000; credit Stock Liability $286,000; credit Common Stock $26,000.

Debit Common Stock $26,000; credit Cash $26,000.

Debit Cash for $312,000; credit Common Stock $312,000.

Debit Cash $312,000; credit Common Stock $26,000; credit Paid-in Capital in Excess of Par Value, Common Stock $286,000.