Ogilvie Corp. issued 12,000 shares of no-par stock for $40 per share. Ogilvie was authorized to issue
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Ogilvie Corp. issued 12,000 shares of no-par stock for $40 per share. Ogilvie was authorized to issue 35,000 shares. What effect will this event have on the company's financial statements?
1. Increase assets by $1,400,000, increase equity by $1,400,000.
2. Increase assets by $480,000, increase equity by $480,000.
3. Increase cash flow from investing activities by $480,000.
4. None of these answer choices are correct.
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Option 2 is a correct answer 2 Increase assets by 480000 increase equit...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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