Suppose 100 Common Shares Are Issued for $12

question 41

Multiple Choice

Suppose 100 common shares are issued for $12.50 per share. The entry to record this issuance includes a:

• A) credit to Retained Earnings for $1,250
• B) credit to Common shares for $1,250
• C) debit to Preferred Shares for $1,000
• D) credit to Contributed Surplus for $250

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Definitions:

Ciliary Body

A structure in the eye that includes the ciliary muscle, which controls the shape of the lens, and the ciliary epithelium, which produces the aqueous humor.

Accommodation

The process by which the eye changes optical power to maintain a clear image (focus) on an object as its distance varies.

Nystagmus

Involuntary, rapid, and repetitive movement of the eyeballs, which can be horizontal, vertical, or rotary.

Astigmatism

A common vision condition caused by an irregular curvature of the cornea or lens, leading to blurred vision.