Ogilvie Corp. issued 12,000 shares of no-par stock for $40 per share. Ogilvie was authorized...
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Accounting
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 elements of the company's financial statements?
Multiple Choice
None of these answer choices are correct.
Increase assets and increase stockholders' equity by $1,400,000.
Increase assets and increase stockholders' equity by $480,000.
Increase cash inflows from investing activities by $480,000.
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