2-Olaf Inc. received a check from its underwriters for $83 million. This was for the issue of one million of its $5 par stock that the underwriters expect to sell for $83 per share.
Which is the correct entry to record the issue of the stock?
O dr. Cash $83,000,000; cr. Common stock $83,000,000.
O. © dr. Cash $83,000,000; cr. Deferred stock issue revenue $38,000,000; cr. Common stock
$5,000,000; cr. Paid-in capital-excess of par $40,000,000.
O None of the options listed.
O. © dr. Cash $83,000,000; cr. Common stock $5,000,000; cr. Paid-in capital-excess of par
$78,000,000.
O. © dr. Cash $83,000,000; cr. Stock issue expense $38,000,000; cr. Stock contract receivable $45,000,000.