Strait Corp. sold 10,000 shares of $1 par value stock for $1 per share. How would the company record this transaction? 1) Debit Cash for $10,000 and credit Common Stock, $1 Par Value for $10,000. 2) Debit Cash for $10,000 and credit Paid-In Capital for $10,000. 3) Debit Cash for $10,000 and credit Paid-In Capital, Common Stock for $10,000. 4) Debit Cash for $10,000 and credit Paid-In Capital in Excess of Par Value, Common Stock for $10,000. 5) Debit Common Stock, $1 Par Value for $10,000 and credit Cash for $10,000