Reference no: EM132826474
Problem 1: Portland Sound Cafe began business on January 1, 2017. The corporate charter authorized issuance of 1,000 shares of no-par value common stock, of which 200 shares were issued on January 1, and 4,000 shares of $8 par value, 6% cumulative preferred stock, of which none were issued on January 1. 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 and increase Common Stock, $680.
b. increase Cash, $3,200; increase Additional Paid-In Capital-Common, $2,800 and increase Common Stock, $400.
c. increase Cash, $3,200 and increase Common Stock, $3,200.
d. increase Cash, $4,800 and increase Common Stock, $4,800.
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