Asempaneye Company was authorized to issue 100,000 shares of ghc1 par value common stock. 40,000 shares were issued to Opanyi Manu, the company’s founder, at a price of GH₵ 5 per share. No other shares have yet been issued. Which of the following statements is true?
A. Opanyi Manu owns 40% of the stockholders’ equity of the corporation.
B. The corporation should recognize a GH₵ 160,000 gain on the issuance of these shares.
C. If the statement of financial position includes retained earnings of GH₵ 50,000, total paid-in capital amounts to GH₵ 250,000.
D. In the statement of financial position, the additional paid-in capital account will have a GH₵ 160,000 balance, regardless of the profits earned or losses incurred since the company was organized
