Olsson Corporation received a check from its underwriters for $72 million. This was for the issue of one million of its $5 par stock that the underwriters expect to sell for $72 per share. Which is the correct entry to record the issue of the stock?
A) $Olsson Corporation received a check from its underwriters for $72 million. This was for the issue of one million of its $5 par stock that the underwriters expect to sell for $72 per share. Which is the correct entry to record the issue of the stock? A) B) \begin{array}{|l|r|r|} \hline \text { Cash } & 72,000,000 & \\ \hline \text { Deferred stock issue revenue } & & 20,000,000 \\ \hline \text { Common stock } & & 5,000,000 \\ \hline \text { Paid-in capital\_excess of par } & & 47,000,000 \\ \hline \end{array} C) \begin{array}{|l|l|l|} \hline \text { Cash } & 72,000,000 & \\ \hline \text { Common stock } & & 72,000,000 \\ \hline \end{array} D) \begin{array}{|l|r|r|} \hline \text { Cash } & 72,000,000 & \\ \hline \text { Common stock } & & 5,000,000 \\ \hline \text { Paid-in capital\_excess of par } & & 67,000,000 \\ \hline \end{array}$
B)

\begin{array}{|l|r|r|}\hline \text { Cash } & 72,000,000 & \\\hline \text { Deferred stock issue revenue } & & 20,000,000 \\\hline \text { Common stock } & & 5,000,000 \\\hline \text { Paid-in capital\_excess of par } & & 47,000,000 \\\hline\end{array}

\begin{array}{|l|l|l|}\hline \text { Cash } & 72,000,000 & \\\hline \text { Common stock } & & 72,000,000 \\\hline\end{array}

\begin{array}{|l|r|r|}\hline \text { Cash } & 72,000,000 & \\\hline \text { Common stock } & & 5,000,000 \\\hline \text { Paid-in capital\_excess of par } & & 67,000,000 \\\hline\end{array}

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