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During June, the Lawrence Corporation issued 1,000 shares of $.10 par common stock and received $15,000. Show the effects of this transaction on the company's
During June, the Lawrence Corporation issued 1,000 shares of $.10 par common stock and received $15,000.
Show the effects of this transaction on the company's assets, liabilities, and stockholders' equity.
a. | Assets increase by $15,000 and liabilities increase by $15,000. | |
b. | Assets increase by $15,000, liabilities increase by $14,900, and stockholders' equity increases by $100. | |
c. | Liabilities decrease by $15,000 and stockholders' equity increases by $15,000. | |
d. | Assets increase by $15,000 and stockholders' equity increases by $15,000. |
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