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The 12/31/2016 balance sheet of Despot Inc.included the following:

-In January 2016,Despot recorded a transaction with this journal entry:

The transaction was for the:
A)Issue of 2 million shares of common stock at par value.
B)Issue of common stock for $150 million in cash.
C)Receipt of $20 per share for a new stock issue.
D)All of these answer choices are correct.

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Use the following to answer questions 
The 12/31/2016 balance sheet of Despot Inc.included the following:
 
-In January 2016,Despot recorded a transaction with this journal entry:

The transaction was for the:
A)Issue of 2 million shares of common stock at par value. 
B)Issue of common stock for $150 million in cash. 
C)Receipt of $20 per share for a new stock issue. 
D)All of these answer choices are correct.

Quizplus · Accepted Answer

The journal entry indicates that common stock was issued for $150 million in cash.

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