O'Malley, Inc. issued

80 comma 00080,000

shares of common stock in exchange for manufacturing equipment. The equipment has a fair value of

$ 1 comma 480 comma 000$1,480,000.

The stock has a par value of

$ 0.05$0.05

per share. The journal entry to record this transaction includes a ________.

A.credit to Common

Stocklong dash$ 0.05$0.05

Par Value for $ 1 comma 480 comma 000$1,480,000

B.

credit to Gain on Sale of Common Stock for $ 1 comma 560 comma 000$1,560,000

C.credit to

PaidminusIn

Capital in Excess of

Parlong dashCommon

for $ 1 comma 476 comma 000$1,476,000

D.

debit to Cash for $ 14 comma 760 comma 000$14,760,000