Date Accounts and Explanation Debit Credit Common Stock-$0.10 Par Value 1,600,000 a. Cash 40,000 Paid-In Capital in Excess of Par-Common 1,560,000 b. Common Stock-$0.10 Par Value 1,600,000 Cash...

Suppose Value Home and Garden Imports issued 400,000 shares of $0.10 par common stock at $4 per share. Which journal entry correctly records the issuance of this stock?

Extracted text: Date Accounts and Explanation Debit Credit Common Stock-$0.10 Par Value 1,600,000 a. Cash 40,000 Paid-In Capital in Excess of Par-Common 1,560,000 b. Common Stock-$0.10 Par Value 1,600,000 Cash 1,600,000 C. Cash 1,600,000 Common Stock-$0.10 Par Value 40,000 Paid-In Capital in Excess of Par-Common 1,560,000 d. Cash 1,600,000 Common Stock-$0.10 Par Value 1,600,000