The 12/31/2013 balance sheet of Despot Inc. included the following: Common stock, 25 million shares at $20 par $500 million Paid-in capital-excess of par 3,000 million Retained earnings 980 million In January 2013, Despot recorded a transaction with this journal entry: Cash $150 million Common stock $100 million Paid-in capital-excess of par 50 million The transaction was for the: a. Issue of 2 million shares of common stock at par value. b. Issue of common stock for $150 million in cash. c. Receipt of $20 per share for a new stock issue. d. All of the above are correct.
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