McVoy Corporation has issued common stock and preferred stock in a lump sum purchase on January 2, 2024. The company issues 2,800 shares of common stock and 560 shares of preferred stock for a lump sum of $255,000 cash. The par value of the common stock is $50 per share and par value of the preferred stock is $20 per share. On the date of issuance, the fair value of common stock is $40 per share the fair value of the preferred stock is $30 per share. Each Stock has a ready market for buying and selling the stock.

In the journal entry for the issuance of the common stock, how much is credited to the Paid-in-Capital in Excess of Par - Common Stock account? (round calculations to 2 decimal places)

Question 10 options:

a)

$30,850

b)

$81,850

c)

$140,000

d)

$21,950