24. Poole Company began business on January 1, 2016. The corporate charter authorized issuance of 5,000 shares of $1 par value common stock, and 4,000 shares of $8 par value, 6% cumulative preferred stock. None of the preferred shares were issued. On July 1, Poole issued 1,000 shares of common stock in exchange for two years rent on a retail location. The cash rental price is $2,400 per month and the rental period begins on July 1. The correct entry to record the July 1 transaction will a. Increase Cash, $57,600; Decrease Prepaid Rent, $57,600 b. Increase Prepaid Rent, $57,600; Increase Common Stock, $57,600 6. Increase Prepaid Rent, $57,600; Increase Common Stock, $1,000; Increase Additional Paid-in Capital-Common, $56,600 d. Increase Prepaid Rent, $57,600; Increase Common Stock, $5,000; Increase Additional Paid-in Capital-Common, $52,600 25. A company issued 4,000 shares of $5 par common stock for $30 per share. The company purchased 1,200 shares as treasury stock at $32 per share. Later, the company reissued 400 shares of the treasury