Question

If common stock is issued for an amount greater than par value, the excess should be credited to Group of answer choices Retained Earnings. Cash. Legal Capital. Paid-in Capital in Excess of Par Value.

Answer 1

The excess of would be credited to Paid-in Capital if the common stock is issued for an amount greater than par value.

Any stock issued in exchange for property is recorded at the fair market value of the stock/asset received.

• Hence, the excess of would be credited to Paid-in Capital if the common stock is issued for an amount greater than par value.

Therefore, the Option B is correct.

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