1. Please use the following information for questions 21-23

   On January 1, 2021 DDD Company was authorized to issue 100,000 shares of $10 par value Common Stock . On January 15th, DDD issued 20,000 shares of Common Stock for $26. What would be the entry to record the shares authorized?

   		Debit Common Stock $1,000,000, Credit Cash $1,000,000
   		Debit Cash $520,000, Credit Common Stock $200,000 and Paid in Capital in Excess of Par $320,000
   		Debit Cash $320,000, Debit Paid in Capital in Excess of Par $200,000, Credit Common Stock $520,000
   		No entry required

3 points

QUESTION 22

1. What would be the entry to record the shares issued?

   		Debit Common Stock $1,000,000, Credit Cash $1,000,000
   		Debit Cash $520,000, Credit Common Stock $200,000 and Paid in Capital in Excess of Par $320,000
   		Debit Cash $320,000, Debit Paid in Capital in Excess of Par $200,000, Credit Common Stock $520,000
   		No entry required

3 points

QUESTION 23

1. What would be the effect on Stockholder's Equity when the stock is issued?

   		increased by $520,000.
   		decreased by $200,000.
   		increased by $320,000.
   		be unaffected by the event.