Irish Corporation issued (sold) 10,000 shares of its no-par common stock for $70 per share. The bylaws established a stated value of $10 per share. The transaction would increase the common stock account on the balance sheet by how much?
A) $0.
B) $600,000.
C)$100,000.
D)$700,000.

Question

Quizplus · Accepted Answer

The common stock account is increased by the stated value per share multiplied by the number of shares issued: 10,000 shares x $10 stated value = $100,000.

Irish Corporation Issued (Sold) 10,000 Shares of Its No-Par Common