Raghad Corporation issued 500 shares of $15 par value, common stock for $8,500. Choose the right journal entry:

Multiple Choice

• Cash 4,200 (debit), Common Stock $ 2,200 (credit), Paid in Capital (credit) 2,000

• Cash 8,500 (debit), Common Stock $ 7,500 (credit), Paid in Capital (credit) 1,000

• Cash 8,500 (debit), Common Stock $ 8,500 (credit)

• Cash 7,500 (debit), Common Stock $ 7,500 (credit)