If Dakota Company issues 1,500 shares of $6 par common stock for $75,000,
a. Common Stock will be credited for $75,000
b. Paid-In Capital in Excess of Par will be credited for $9,000
c. Paid-In Capital in Excess of Par will be credited for $66,000
d. Cash will be debited for $66,000

Note: please give the explanation.

Option C Paid-In Capital in Excess of Par will be credited for $66,000

Explanation:

Given

No of shares 1,500

Par value $6

Common stock $75,000

Par value of stock = No of shares x Par value

=1500 x 6

=9,000

Excess paid in capital = Common stock - Par value

=75000-9000

=$66,000

So the Paid in capital which is excess of par value will be credited. It can also be termed as the market value of the shares. Par value will be mentioned in the share document. When there is additional paid in capital it is a credit balance in company accounts.

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