Irish Corporation issued (sold)10,000 shares of common stock for $70 per share.The bylaws established a stated value of $10 per share.What is the amount of increase in the common stock account as a result of this transaction?

Question

Quizplus · Accepted Answer

The increase in the common stock account would be based on the stated value per share times the number of shares issued. Therefore, it's $10 (stated value per share) * 10,000 (number of shares) = $100,000.

Irish Corporation Issued (Sold)10,000 Shares of Common Stock for $70