1. If Larger Company issues 1,900 shares of $8 par value common stock for $41,800, determine the result of the transaction on the accounts.

   Select the correct answer.

   Cash will be debited for $15,200.

   Paid-in Capital in excess of Par Value will be credited for $26,600.

   Common Stock will be credited for $41,800.

   Paid-in Capital in excess of Par Value will be credited for $15,200.