If the Duncan Company issues 1,000 shares of $5 par value common stock for $70,000 the account
A) Common Stock will be credited for $70,000
B) Paid-in Capital in Excess of Par Value will be credited for $5,000
C) Paid-in Capital in Excess of Par Value will be credited for S65,000
D) Cash will be debited for $65,000
Answer: C) Paid-in Capital in Excess of Par Value will be credited for S65,000
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