On May 1, 10,000 Shares of $10 Par Common Stock

Multiple Choice

On May 1, 10,000 shares of $10 par common stock were issued at $30, and on May 7, 5,000 shares of $50 par preferred stock were issued at $111. What is the amount of the debit to Cash on May 1 and May 7?

A) May 1: $555,000 May 7: $305,000
B) May 1: $100,000; May 7: $250,000
C) May 1: $200,000; May 7: $305,000
D) May 1: $300,000; May 7: $555,000