Which of the following would be included in the entry to record the issuance of 7,000 shares of $4 par value common stock at $27 per share?

a.Cash would be debited for $28,000.

b.Common stock would be debited for $28,000.

c.Paid in capital in excess of par-common would be credited for $161,000.

A corporation has the following journal entry recorded on June 15 of the current year:

The stock was sold for $20 per share. What is the par of the stock, and how many shares were sold?

-Debit: Cash................................................$76,000

-Credit: Common Stock...................................................$15,200

-Credit: Paid-in Capital in Excess of Par................................$60,800

X.$4 par and 3800 shares

Y.$80 par and 760 shares

Z.$20 par and 3,800 shares