Please write the computational process.

85. New Corp. issues 1,000 shares of $10 par value common stock at $14 per share. When the transaction is recorded, credits are made to a. Common Stock $10,000 and Paid-in Capital in Excess of Stated Value $4,000. b. Common Stock $14,000. c. Common Stock $10,000 and Paid-in Capital in Excess of Par Value $4,000. d. Common Stock $10,000 and Retained Earnings $4,000.

86. If Kiner Company issues 1,000 shares of $5 par value common stock for $70,000, the account a. Common Stock will be credited for $5,000. b. Paid-in Capital in Excess of Par Value will be credited for $5,000. c. Paid-in Capital in Excess of Par Value will be credited for $70,000. d. Cash will be debited for $65,000.

87. Jansen Packaging Corporation began business in 2008 by issuing 40,000 shares of $5 par common stock for $8 per share and 10,000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2008 balance sheet, Jansen Packaging would report a. Common Stock of $400,000. b. Common Stock of $200,000. c. Common Stock of $320,000. d. Paid-In Capital of $300,000. 88. Kim, Inc. issued 5,000 shares of stock at a stated value of $10/share. The total issue of stock sold for $15/share. The journal entry to record this transaction would include a a. debit to Cash for $50,000. b. credit to Common Stock for $50,000. c. credit to Paid-in Capital in Excess of Par Value for $25,000. d. credit to Common Stock for $75,000.

89. Foley Manufacturing Corporation purchased 3,000 shares of its own previously issued $10 par common stock for $69,000. As a result of this event, a. Foley