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Our company is authorized to issue 100,000 shares of no par value common stock that...

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Accounting

Our company is authorized to issue 100,000 shares of no par value common stock that has a $1 stated value. On August 21 we issued 20,000 shares for $12 per share. What account(s) and amount(s) would we credit when we record the journal entry for this transaction?

Group of answer choices cash, $240,000 common stock, $100,000; and paid in capital in excess of stated value, $1,100,000 common stock, $20,000; and paid in capital in excess of stated value, $220,000 common stock, $240,000

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