How to enter adjusting journal entry for: On 12/31/16, ABC issued 10,000 shares of $1 par value common stock at the closing market price of $8 per share. Prepare ABC's journal entry to reflect the issuance of the stock on 12/31/16. To refresh your memory, a Paid-in Capital in Excess of Par account should be used to account for excess proceeds over par value in a stock issuance transaction. (See your Principles of Accounting textbook or Chapter 18 of your Intermediate Accounting textbook for a review.)