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Nexis Corp. issues 2,870 shares of $8 par value common stock at $17 per share. When the transaction is recorded, what credit entry or entries are made? a.Common Stock $48,790. b.Common Stock $22,960 and Paid-in Capital in Excess of Stated Value $25,830. c.Common Stock $22,960 and Paid-in Capital in Excess of Par Value $25,830. d.Common Stock $25,830 and Retained Earnings $22,960.

Nexis Corp. issues 2,870 shares of $8 par value common stock at $17 per share. When the transaction is recorded, what credit entry or entries are made? a.Common Stock $48,790. b.Common Stock $22,960 and Paid-in Capital in Excess of Stated Value $25,830. c.Common Stock $22,960 and Paid-in Capital in Excess of Par Value $25,830. d.Common Stock $25,830 and Retained Earnings $22,960.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Nexis Corp. issues 2,870 shares of $8 par value common stock at $17 per share. When the transaction is recorded, what credit entry or entries are made?

a.Common Stock $48,790.
b.Common Stock $22,960 and Paid-in Capital in Excess of Stated Value $25,830.
c.Common Stock $22,960 and Paid-in Capital in Excess of Par Value $25,830.
d.Common Stock $25,830 and Retained Earnings $22,960.
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