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Question(s) / Instruction(s):

A corporation issued 10,000 shares of $40 par value common stock for $45 per share. The journal entry to record the issue of the stock would include which of the following? A) A credit to Gain on the Sale of Common Stock, $50,000 B) A credit to Paid-In Capital in Excess of Par, Common Stock, $400,000 C) A credit to Common Stock, $450,000 D) A credit to Common Stock, $40 Par Value, $400,000 E) None of the above

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