Help on Accounting

Question 18 3.33 pts Ace Corporation is authorized to issue 1,000 shares of preferred stock with a 9% dividend rate and a par value of $20 per share and 50.000 shares of common stock with a par value of $2 per share. On January 2, 2019, Spectator issues 200 shares of preferred stock at $22 per share and 20,000 shares of common stock at $2.50 per share. The journal entry to record the issuance of the common stock would include: Adebit to Cash for $40,000, and a credit to Common Stock for $40.000 A debit to Cash for $50.000, a credit to Common Stock for $40,000, and a credit to Additional Paid-in Capital Common Stock for $10.000 A debit to Cash for 550,000, and a credit to Common Stock for 550.000 Adebit to Cash for $50,000, a credit to Common Stock for $10,000, and a credit to Additional Paid-in Capital Common Stock for $40,000