Suppose Value Home and Garden Imports issued 400,000 shares of $0.10 par common stock at $4 per share. Which journal entry correctly records the issuance of this stock?

Debit Credit 1,600,000 40,000 1,560,000 1,600,000 Date Accounts and Explanation a. Common Stock-$0.10 Par Value Cash Paid-In Capital in Excess of ParCommon b. Common Stock$0.10 Par Value Cash c. Cash Common Stock-$0.10 Par Value Paid-In Capital in Excess of ParCommon d. Cash Common Stock$0.10 Par Value 1,600,000 1,600,000 40,000 1,560,000 1,600,000 1,600,000