If Morgan Company issues 2,000 shares of $5 par value common stock for $140,000, the account
a. Common Stock will be credited for $140,000.
b. Paid-in Capital in Excess of Par Value will be credited for $10,000.
c. Paid-in Capital in Excess of Par Value will be credited for $130,000.
d. Cash will be debited for $130,000.
Ans: c. Paid-in Capital in Excess of Par Value will be credited for $130,000.
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