Answer :
Bonita Packaging would report common stock of $150,000.
What does common stock mean?
Investments that show ownership in a company essentially include common stock. Owners of common stock elect the board of directors and vote on business policies. This kind of stock ownership frequently offers better long-term rates of return. It is a type of security and ownership of company shares. The terms voting share and ordinary share are frequently used outside of the United States.
Hence, upon issuance of stocks, the common stock account would be credited with the total par value of the shares issued as shown below:
total par value=par value per share × shares issued
total par value=$3 × 30,900
total par value=$92,700
The paid-in capital would be credited with the total amount the cash proceeds from the share issue exceeds the total par value
total cash proceeds=$7 × 30,900
total cash proceeds=$216,300
paid-in capital=$216,300-$92,700
paid-in capital=123,600
pain-in capital in excess of par value, this makes only B as correct.
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