Question
On January 2, 2014, the Hoover Corporation issued 40,000 shares of $10 stated-value common stock for $28.00 per share. Which of the following statements is
On January 2, 2014, the Hoover Corporation issued 40,000 shares of $10 stated-value common stock for $28.00 per share. Which of the following statements is true?
A) The Paid-in Capital in Excess of Stated Value account will increase by $720,000.
B) The Stock Payable account will increase by $1,120,000.
C) The Cash account will increase by $800,000.
D) The Common Stock account will increase by $1,120,000.
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Auditing A Practical Approach
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton, Valerie Warren
3rd Canadian edition
1-119-40285-5, 111940276X, 978-1119566007
