Question 12 6 pts On 12/31/XO, Racer Corp. has 1,500,000 shares authorized to issue. On 1/1/X1, Racer Corp. issued 117,000 shares of $0.01 par value common stock for $15/share. Immediately after the shares are issued, they trade for $12/share. The journal entry to record the issues of the shares is which of the following? O DEBIT: Cash $1,404,000; CREDIT: Common Stock, par value $117,000; Paid-in Capital in Excess of Par $1,755,000 O DEBIT: Cash $1.404,000; CREDIT: Common Stock $1,404,000 DEBIT: Cash $1,755,000; CREDIT: Common Stock $117,000; Gain on Issuance $1,638,000 DEBIT: Cash $1,755,000; CREDIT: Common Stock, par value $1.170; Paid-in Capital in Excess of Par $1,753,830