If a company issues 10,000 shares of $2 par value common stock at a market price of $30 per share, which of the following is the correct balance sheet entry?
A) Increase cash by $300,000 and increase contributed capital by $300,000
B) Increase cash by $300,000 and increase retained earnings by $300,000
C) Increase revenues by $300,000
D) Increase common stock and cash by $20,000
Correct Answer:
Verified
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