Olsson Corporation received a check from its underwriters for $71 million. This was for the issue of one million of its $5 par stock that the underwriters expect to sell for $71 per share. Which is the correct entry to record the issue of the stock?

Multiple Choice

Cash	71,000,000
Stock issue expense		23,000,000
Stock contract receivable		48,000,000

Cash	71,000,000
Deferred stock issue revenue		23,000,000
Common stock		5,000,000
Paid-in capital excess of par		43,000,000

Cash	71,000,000
Common stock		5,000,000
Paid-in capital excess of par		66,000,000

Cash	71,000,000
Common stock		71,000,000