On january 2, 2014, the hoover corporation issued 43,000 shares of $10 stated-value common stock for $29.50 per share. which of the following statements is true? the paid-in capital in excess of stated value account will increase by $838,500. the cash account will increase by $860,000. the common stock account will increase by $1,268,500. the stock payable account will increase by $1,268,500.

The Paid-in Capital in Excess of Stated Value account will increase by $838,500

Explanation:

The journal entry to record the issuance of common stock is shown below:

Cash A/c Dr $1,268,500     (43,000 shares × $29.50)

   To Common Stock $430,000         (43,000 shares × $10)

   To  Additional Paid-in Capital in excess of par - Common Stock $838,500

(Being the issuance of stock is recorded and the remaining balance is credited to the additional paid-in capital account)

While issuing the stock, we debited the cash account and credited the common stock and additional paid-in capital account

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