Question

Irish Corporation issued (sold) 15,000 shares of common stock for $65 per share. The bylaws established a stated value of $5 per share. What is the amount of increase in the common stock account as a result of this transaction

Answer 1

the amount of increase in the common stock is $75,000

Step-by-step explanation:

The computation of the amount of increase in the common stock is shown below;

= Number of shares of common stock sold × stated value per share

= 15,000 shares × $5 per share

= $75,000

Hence, the amount of increase in the common stock is $75,000