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Ogilvie Corp. issued 12,000 shares of no-par stock for $40 per share. Ogilvie was authorized...

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Question

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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