Yuma Corporation issued 25,000 shares of $20 stated-value common stock for $24 per share. Which of...
Yuma Corporation issued 25,000 shares of $20 stated-value common stock for $24 per share.
Which of the following statements is true?
|
The Cash account will increase by $500,000. |
||
|
The Paid-in Capital in Excess of Stated Value account will increase by $100,000. |
||
|
The Stock Payable account will increase by $600,000. |
||
|
The Common Stock account will increase by $600,000. |
Homework Answers
Option B
The entry would be
| Cash (25,000*24) | 600,000 | |
| Common stock (25,000*20) | 500,000 | |
| Paid in capital in excess of stated value | 100,000 |
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