Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock, $100 par, and 200,000 shares of $25 par common stock. Indicate the accounts that should be recorded in the Description column of the Journal item (2) as the credit accounts and for what amounts assuming that Sunshine Corp. received cash for the issuance of 10,000 shares of common stock at $30. Date Jan. 1 F (1) (2). (2) Description JOURNAL P.Ref Common Stock credit of $300,000 and Cash credit of $50,000 DEBIT $300,000 CREDIT Treasury Stock credit of $250,000 and Cash credit of $50,000 Common Stock credit of $250,000 and Paid-In Capital in Excess Par - Common Stock credit of $50,000 Common Stock credit of $300,000 and Treasury Stock credit of $50,000 ? ?

Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock, $100 par, and 200,000 shares of $25 par common stock. Indicate the accounts that should be recorded in the Description column of the Journal item (2) as the credit accounts and for what amounts assuming that Sunshine Corp. received cash for the issuance of 10,000 shares of common stock at $30. JOURNAL Common Stock credit of $300,000 and Cash credit of $50,000 Treasury Stock credit of $250,000 and Cash credit of $50,000 Common Stock credit of $250,000 and Paid-In Capital in Excess Par - Common Stock credit of $50,000 Common Stock credit of $300,000 and Treasury Stock credit of $50,000