O'Malley, Inc. issued $70,000$ shares of common stock in exchange for manufacturing equipment. The equipment has a fair value of $$1,080,000.$ The stock has a par value of $$0\mathrm{.}01$ per share. The joumal entry to record this transaction includes a

A$.$ credit to Paid $-$ In Capital in Excess of Par$-$Common for $$1,079,300$

B$.$ debit to Cash for $$10,793,000$

C$.$ credit to Gain on Sale of Common Stock for $$1,150,000$

D$.$ credit to Common Stock$-$ $$0\mathrm{.}01$ Par Value for $$1,080,000$