On February $2,$ Year $1,$ Farmer Corporation issued $9,000$ shares of no$-$par stock for $$17$ per share. Within two hours of the issue, the stock's price jumped on the New York Stock Exchange to $$21$ per share. Which of the following answers describes the effect of the February $2$ transaction on the elements of the financial statements?

Balance Sheet Income Statement Statement of Cash Flows

Assets $=$ Liabilities $+$ Stockholders$$ Equity

Cash $+$ Accounts Receivable $=$ Accounts Payable $+$ Common Stock $+$ Retained Earnings Revenue $-$ Expense $=$ Net Income

A$.153,000$ NA NA $153,000$ NA NA NA NA $153,000$ FA

B$.189,000$ NA NA $189,000$ NA NA NA NA $189,000$ IA

C$.153,000$ NA NA $153,000$ NA NA NA NA $153,000$ IA

D$.189,000$ NA NA $189,000$ NA NA NA NA $189,000$ FA

Multiple Choice