Indicate How Each Event Affects the Elements of Financial Statements

Essay

Indicate how each event affects the elements of financial statements.Use the following letters to record your answer in the box shown below each element.Use only one letter for each element.You do not need to enter amounts.

-The stock of Atlantic Oil Co.was trading at $14 per share on March 27 when the company announced that it had recently discovered a large oil reserve.The stock price immediately went up to $28 per share.The company had 10,000,000 shares outstanding.Indicate the effects of this discovery on Atlantic's financial statements.