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Box owned all Oval Inc. Although the Investment in Oval Inc. account had a balance...

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Accounting

Box owned all Oval Inc. Although the Investment in Oval Inc. account had a balance of $834K, the subsidiary's 12K shares had an underlying book value of only $56 per share. On January 1, 2017, Oval issued 3K new shares to the public for $70 per share. How does this transaction affect the Investment in Oval Inc. account? A) It should be decreased by $215,000. B) It should be increased by $220,000. C) It should be increased by $165,000. D) It should be decreased by $1,200. E) It is not affected since the shares were sold to outside parties.

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