Problem
ACE corporation sold 10,000 shares of its $10 par value common stock at a cash price of $12 per share. How does the transaction affect the company's balance sheet?
Group of answer choices
Increase Common Stock for $120,000.
Decrease Cash for $100,000.
Decrease Paid-in Capital in Excess of Par Value and Common Stock for $120,000.
Increase cash for $120,000, increaseCommon Stock for $100,000 and increase Paid-in Capital in Excess of Par Value, Common Stock for $20,000.