Andy's Auto parts began business on January 1, 2019. The corporate charter authorized issuance of...
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Accounting
Andy's Auto parts began business on January 1, 2019. The corporate charter authorized issuance of 200,000 shares of $1 par value common stock and 50,000 shares of $10 par value, 5% cumulative preferred stock. Andy's issued 120,000 shares of common stock at $5 per share on January 2, 2019. What dollar effect does the journal entry to record the issuance of the stock have on total stockholders' equity?
A. $700,000
B. $600,000
C. $300,000
D. $480,000
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