The Following Information Is from the December 31,2018 Balance Sheet

question 21

Multiple Choice

The following information is from the December 31,2018 balance sheet of Millner Corporation.

What was the average issue price of the common stock shares? (Round your answer to the nearest cent. )

• A)$1.88
• B)$1.00
• C)$2.68
• D)$3.68

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Definitions:

Cash Account

A cash account is a brokerage account that requires the investor to pay the full amount for securities purchased and to receive full delivery of the securities sold.

Two-Column Journal

A fundamental accounting record with two columns used for debits and credits to record financial transactions.

Debit

An accounting entry that increases an asset or expense account, or decreases a liability or equity account. It is positioned on the left side of an account ledger.

Credit

An accounting entry that increases the balance of liabilities and equity accounts or decreases the balance of an asset or expense account.