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14 July, 05:05

Irish Corporation issued (sold) 10,000 shares of its no-par common stock for $70 per share. The bylaws established a stated value of $10 per share. The transaction would increase the common stock account on the balance sheet by how much?

A. $0.

B. $600,000.

C. $100,000.

D. $700,000.

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Answers (2)
  1. 14 July, 05:26
    0
    C) $100,000
  2. 14 July, 05:30
    0
    Increase in the common stock account = $100,000

    Explanation:

    Increase in the common stock account = Number of shares*stated value per share

    Since the bylaws established a stated value of $10 per share, and the total number of shares issued is 10,000

    Increase in the common stock account = 10,000*$10

    Increase in the common stock account = $100,000

    Therefore the transaction would increase the common stock account on the balance sheet by $100,000.
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