Use the following information to answer this question
A business whose assets consisted of stock N15,000 and debtors N8,000 was bought by issuing 20,000 ordinary shares of N1 each at a premium of 20 percent.
A. N4,000
B. N3,000
C. N2,000
D. N1,6000
E. N1,000
Correct Answer:
Option E – N1,000
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