A corporation sold 10,000 shares of $5 par value common stock for $40 per share. The journal entry to record the transaction will include:
A) a credit to Gain on Sale of Common Stock for $350,000.
B) a credit to Common Stock for $50,000.
C) a credit to Common Stock for $400,000.
D) a credit to Capital in Excess of Par Value for $35,000.
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