Portland Sound Cafe began business on January 1, 2016 . The corporate charter authorized issuance of 1,000 shares of no-par value common stock, of which 200 shares were issued, and 4,000 shares of $8 par value, 6% cumulative preferred stock, of which none were issued. Portland Sound sold 400 shares of common stock at $8 per share on May 1 . The entry to record the issuance of the shares on May 1
will:
a. Increase Cash, $1,000; Increase Additional Paid-in Capital—Common, $320; Increase Common Stock, $680
b. Increase Cash, $3,200; Increase Additional Paid-in Capital—Common, $2,800; Increase Common Stock, $400
c. Increase Cash, $4,800; Increase Common Stock, $4,800
d. Increase Cash, $3,200; Increase Common Stock, $3,200
d
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