On January 12, Year 1, Gilliam Corporation issued 550 shares of $12 par-value common stock for $15 per share. The number of shares authorized is 5,000, and the number of shares outstanding prior to this transaction is 1,200. Which of the following answers describes the effect of the January 12, Year 1 transaction? Balance Sheet Liabilities Income Statement Assets Stockholders Equity Accounts Accounts Common Cash Receivable Payable Stock: PIC in Excess Revenue A. Expense 6,600 Net Income n/a n/a 6,600 n/a n/a n/a n/a B. 8,250 Statement of Flows 6,600 FA n/a n/a 8,250 n/a n/a n/a n/a C. 8,250 FA 8,250 n/a n/a 6,600 1,650 n/a n/a n/a 8,250 FA D. 8,250 n/a n/a 6,600 1,650 n/a n/a n/a 8,250 ZA Multiple Choice Choice A Chace