Van Buren Corporation issued 5,000 shares of $6 par common stock for $24 per share. For this transaction, Common Stock should be increased for $120,000.
Answer the following statement true (T) or false (F)
False
Cash increases by $120,000 (= 5,000 shares × $24 issue price per share). Common stock increases by $30,000 (= 5,000 shares × $6 par value per share). The difference of $90,000 (= $120,000 ? $30,000) increases paid-in capital in excess of par value ? common.
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