On January 2, Year 1, Torres Corporation issued 20,000 shares of $10 par-value common stock for $11

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On January 2, Year 1, Torres Corporation issued 20,000 shares of $10 par-value common stock for $11 per share. Which of the following statements is true?

The cash account will increase by $200,000.

Total equity will increase by $200,000.

The common stock account will increase by $220,000.

The paid-in capital in excess of par value account will increase by $20,000.

Related Book For answer-question

Modern Advanced Accounting in Canada

ISBN: 978-1259087554

7th edition

Authors: Hilton Murray, Herauf Darrell

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Posted Date: Jun 29, 2022 01:59 AM

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On January 2, Year 1, Torres Corporation issued 20,000 shares of $10 par-value common stock for $11

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Journal iCash acDr2200002000011 ii To common s... View the full answer

Modern Advanced Accounting in Canada

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