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If a corporation issues 1,000 shares of $3 par common stock for $7 a share, the legal capital is: a
If a corporation issues 1,000 shares of $3 par common stock for $7 a share, the legal capital is:
a. $0.
b. $3,000.
c. $7,000.
d. $4,000.
Expert Solution
Answer:
b .
Step-by-Step explanation
The value of legal capital = Number of shares issued at par * Rate of par common stock
= 1,000 * $3
= $3,000.
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