A company issued 60 shares of $100 par value common stock for $7,000 cash. The total amount of paid-in capital in excess of par is:
A) $100.
B) $600.
C) $1,000.
D) $6,000.
E) $7,000.
C) $1,000.
Explanation: Cash $7,000 - Par Value (60 * $100) = Paid-in capital in excess of par $1,000
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