O'Malley, Inc. issued 70 comma 000

70,000 shares of common stock in exchange for manufacturing equipment. The equipment has a fair value of $ 1 comma 340 comma 000

$1,340,000. The stock has a par value of $ 0.01

$0.01 per share. The journal entry to record this transaction includes a________.

A.

credit to Gain on Sale of Common Stock for $ 1 comma 410 comma 000

$1,410,000

B.

credit to Paidminus

In Capital in Excess of Parlong dash

Common for $ 1 comma 339 comma 300

$1,339,300

C.

credit to Common Stocklong dash

$ 0.01

$0.01 Par Value for $ 1 comma 340 comma 000

$1,340,000

D.

debit to Cash for $ 13 comma 393 comma 000