The Tammy Inc. issues common share to new owners in exchange for a cash contribution of $$34,000.$ The company's accountant thought the money came form a sale and recorded an increase in cash and an increase in revenue. Which of the following statements is FALSE as a result of this recording?

Question $25$ options:

a$)$

the company's common share account is understated on the balance sheet

b$)$

the company's assets are overstated on the balance sheet.

c$)$

the company's assets are correctly stated on the income statement

d$)$

the company's net income is overstated on the income statement