Victory Corporation Issues 17,000 Shares of Its $2 Par Value

Multiple Choice

Victory Corporation issues 17,000 shares of its $2 par value common stock for $152,025 cash on February 20.What is the appropriate journal entry to record this transaction?

A)
$$\begin{array} { | l | r | r | } \hline \text { Cash } & 152,025 & \\\hline \text { Preferred Stock } & & 34,000 \\\hline \text { Paid in Capital, Common Stock } & & 118,025 \\\hline\end{array}$$
B)
$$\begin{array} { | c | r | r | } \hline \text { Common Stock } & 152,025 & \\\hline \text { Cash } & & 152,025 \\\hline\end{array}$$
C)
$$\begin{array} { | l | r | r | } \hline \text { Cash } & 152,025 & \\\hline \text { Common Stock } & & 34,000 \\\hline \text { Paid in Capital, Common Stock } & & 118,025 \\\hline\end{array}$$
D)
$$\begin{array} { | l | r | r | } \hline \text { Cash } & 152,025 & \\\hline \text { Common Stock } & & 152,025 \\\hline\end{array}$$
E)
$$\begin{array} { |l | r | r | } \hline \text { Cash } & 118,025 & \\\hline \text { Paid in Capital, Common Stock } & & 34,000 \\\hline \text { Common Stock } & & 152,025 \\\hline\end{array}$$