When Wisconsin Corporation was formed on January 1, the corporate charter provided for 100,000 share of $10 par value common stock. The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 8,500 shares of stock at a price of $16 per share.
The entry to record the above transaction would include a
A. debit to Cash for $85,000
B. credit to Common Stock for $136,000
C. credit to Paid in Capital in Excess of Par for $51,000
D. debit to Common Stock for $85,000
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