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Question
Nexis Corp. issues 1,000 shares of $15 par value common stock at $22 per share. When the transaction is journalized, credits are made to
a. Common Stock, $15,000, and Paid-In Capital in Excess of Par—Common Stock, $7,000
b. Common Stock, $22,000, and Retained Earnings, $15,000
c. Common Stock, $7,000, and Paid-In Capital in Excess of Stated Value, $15,000
d. Common Stock, $22,000
Answer
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