If Nolan Company issues 1,000 shares of $5 par value common stock for $70,000, the account

Group of answer choices

Common Stock will be credited for $65,000.

Paid-in Capital in Excess of Par Value will be credited for $70,000.

Paid-in Capital in Excess of Par Value will be credited for $75,000.

Cash will be debited for $70,000.