On January 12, Year 1, Gilliam Corporation issued 550 shares of $12 par-value common stock for $15 per share. The number of shares authorized is 5,000, and the number of shares outstanding prior to this transaction is 1,200. Which of the following answers describes the effect of the January 12, Year 1 transaction? Assets=Liab.+Com. Stk.+Pd-in ExcessRev.?Exp.=Net Inc.Cash FlowA.6,600=NA+6,600+NANA?NA=NA6,600 FAB.8,250=NA+8,250+NANA?NA=NA8,250 FAC.8,250=NA+6,600+1,650NA?NA=NA8,250 FAD.8,250=NA+6,600+1,650NA?NA=NA8,250 IA
A. Choice A
B. Choice B
C. Choice C
D. Choice D
Answer: C
Business
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