On January 12, 2014, the Picard Corporation issued 750 shares of $12 par-value common stock for $15 per share. Which of the following answers describes the effect of the January 12, 2014 transaction?

Question

Quizplus · Accepted Answer

The issuance of 750 shares of $12 par-value common stock for $15 per share will result in an increase in Picard Corporation's paid-in capital by $7,500 (750 x $3). The common stock account will also increase by $9,000 (750 x $12).

On January 12, 2014, the Picard Corporation Issued 750 Shares