2.Ogilvie Corporation issued 25,000 shares of no-par stock for $40 per share. Ogilvie was authorized to issue 48,000 shares. What effect will this event have on the company's financial statements?

Multiple Choice

Increase assets by $1,920,000, increase stockholders equity by $1,920,000.

Increase assets by $1,000,000, increase stockholders equity by $1,000,000.

Increase cash flow from investing activities by $1,000,000.

None of these answer choices are correct.

Blair Scott started a sole proprietorship by depositing $39,000 cash in a business checking account. During the accounting period the business borrowed $18,000 from a bank, earned $5,600 of net income, and Scott withdrew $6,800 cash from the business. Based on this information, at the end of the accounting period Scotts capital account contained a balance of:

Multiple Choice

$44,600.

$40,200.

$55,800.

$37,800.

On January 2, Year 1, Torres Corporation issued 24,000 shares of $15 par-value common stock for $19 per share. Which of the following statements is true?

Multiple Choice

The common stock account will increase by $456,000.

The cash account will increase by $360,000.

Total stockholders equity will increase by $360,000.

The paid-in capital in excess of par value account will increase by $96,000.