Poole Company began business on January 1, 2015 . The corporate charter authorized issuance of 5,000 shares of $1 par value common stock, and 4,000 shares of $8 par value, 6% cumulative preferred stock. None of the preferred shares were issued. On July 1, Poole issued 1,000 shares of common stock in exchange for two years rent on a retail location. The cash rental price is $2,400 per month and
the rental period begins on July 1 . The correct entry to record the July 1 transaction will
a. Increase Cash, $57,600; Decrease Prepaid Rent, $57,600
b. Increase Prepaid Rent, $57,600; Increase Common Stock, $57,600
c. Increase Prepaid Rent, $57,600? Increase Common Stock, $1,000? Increase Additional Paidin Capital—Common, $56,600
d. Increase Prepaid Rent, $57,600? Increase Common Stock, $5,000? Increase Additional Paidin Capital—Common, $52,600
c
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