On January 2, Year 1, Torres Corporation issued 17,000 shares of $12 par-value common stock for $18 per share. Which of the following statements is true? 2 Multiple Choice The Paid-in Capital in Excess of Par Value account will increase by $102,000. The Cash account will increase by $204,000. Total stockholders' equity will increase by $204,000. The Common Stock account will increase by $306,000.
On January 2, Year 1, Torres Corporation issued 17,000 shares of $12 par-value common stock for $18 per share. Which of the following statements is true? 2 Multiple Choice The Paid-in Capital in Excess of Par Value account will increase by $102,000. The Cash account will increase by $204,000. Total stockholders' equity will increase by $204,000. The Common Stock account will increase by $306,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![On January 2, Year 1, Torres Corporation issued 17,000 shares of $12 par-value common stock for $18 per share. Which of the following statements is true?
2
Multiple Choice
The Paid-in Capital in Excess of Par Value account will increase by $102,000.
The Cash account will increase by $204,000.
Total stockholders' equity will increase by $204,000.
The Common Stock account will increase by $306,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F46270c0d-7bc2-409a-accd-2438c56009b1%2F43665b0c-e916-4012-a2ec-f09456b34167%2Fi911ue.png&w=3840&q=75)
Transcribed Image Text:On January 2, Year 1, Torres Corporation issued 17,000 shares of $12 par-value common stock for $18 per share. Which of the following statements is true?
2
Multiple Choice
The Paid-in Capital in Excess of Par Value account will increase by $102,000.
The Cash account will increase by $204,000.
Total stockholders' equity will increase by $204,000.
The Common Stock account will increase by $306,000.
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