Deville Corporation Issued 1,000 Shares of $12 Par-Value Common Stock

Multiple Choice

Deville Corporation issued 1,000 shares of $12 par-value common stock for $20 per share. The journal entry for this transaction includes a debit to Cash for

A) $12,000 and a credit to Common Stock for $12,000.
B) $20,000 and a credit to Common Stock for $20,000.
C) $12,000, a debit to Additional Paid-In Capital for $8,000, and a credit to Common Stock for $20,000.
D) $20,000, a credit to Common Stock for $12,000, and a credit to Paid-in Capital.
E) $20,000, a credit to Common Stock for $12,000, and a credit to Gain on Sale of Stock for $8,000.