On 16 September 2020 X Corporation is organized with authorized common stock of 10,000 shares with $1 par value. If X issued 500 shares for cash at $3 per share, the paid in capital account should be credited by ----.

Select one:

a. $500.

b. $1500.

c. $2000.

d. $1000.

Clear my choice

The first item of stockholders equity of the balance sheet is the preferred stocks.

Select one:

a. False.

b. True.