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If Nolan Company issues 1,000 shares of $5 par value common stock for $70,000, the account Common Stock will be credited for $65,000. Paid-in Capital

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

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