Multiple Choice Question 75 Sheridan Company has 100,000 shares of $10 par common stock authorized. The following transactions took place during 2017, the first year of the corporation's existence: Sold 20300 shares of common stock for $12.50 per share. Issued 20200 shares of common stock in exchange for a patent valued at $303000. At the end of the Sheridan's first year, total paid-in capital amounted to $253750. $123000. $303000. $556750. O O O O O O O O Multiple Choice Question 81 Waterway Industries issued 100000 shares of $10 par common stock for $1350000. A year later Waterway acquired 16400 shares of its own common stock at $16 per share. Three months later Waterway sold 8100 of these shares at $20 per share. If the cost method is used to record treasury stock transactions, to record the sale of the 8100 treasury shares, Waterway should credit Treasury Stock for $81000 and Paid-in Capital from Treasury Stock for $81000. Treasury Stock for $129600 and Paid-in Capital from Treasury Stock for $32400. Treasury Stock for $129600 and Paid-in Capital in Excess of Par for $32400. Treasury Stock for $162000