Reference no: EM13864763
Flynn Corp. which is authorized to issue 25,000 shares of no-par common stock issued 10,000 shares for 150,000. What effect will this event have on the accounting equation?
a) increase assets by 375,000 increase, equity by 375,000
b) increase assets by 150,000, increase net income by 150,000
c) increase assets by 150,000, increase equity by 150,000
d) increase assets by 150,000, increase net income by 150,000 and increase by 150,000, increase equity by 150,000
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