Olsson Corporation received a check from its underwriters for $76 million. This was for the issue of one million of its $5 par stock that the underwriters expect to sell for $76 per share. Which is the correct entry to record the issue of the stock?

Multiple Choice

Cash	76,000,000
Common stock		5,000,000
Paid-in capitalexcess of par		71,000,000

Cash	76,000,000
Stock issue expense		22,000,000
Stock contract receivable		54,000,000

Cash	76,000,000
Common stock		76,000,000

Cash	76,000,000
Deferred stock issue revenue		22,000,000
Common stock		5,000,000
Paid-in capitalexcess of par		49,000,000