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What entry to record the transaction includes for little co

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Reference no: EM132954310

Problem 1: Little Bo Beep Corporation issued 5,000 shares of $2 par value common stock. The issue price was $7.50 per share. The entry to record this transaction includes a: ?

Option 1: debit to Cash for $10,000.
Option 2: debit to Paid-in Capital in Excess of Par for $27,500.
Option 3: credit to Common Stock for $10,000.
Option 4: credit to Gain on Stock $37,500.

Reference no: EM132954310

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