Lodge Outfitters issues 2,500 shares of its $0.01 par value common stock to provide funds for further expansion. Assume the issue price is $13 per share. Determine the financial statement effects of the issuance of common stock. 32,500 Revenues Assets Cash I II X Answer is complete but not entirely correct. Income Statement Expenses Balance Sheet Liabilities Net Income Stockholders' Equity 325 X Common Stock 325 X Additional Paid-in Capital

Lodge Outfitters issues 2,500 shares of its $0,01 par value cormmon stock to provide funds for further expansion. Assume the issue price is $13 per share. Determine the financial statement effects of the issuance of common stock