On January 2, 2016, Torres Corporation issued 28,000 shares of $20 par-value common stock for $28 per share. Which of the following statements is true?

a). The Paid-in Capital in Excess of Par Value account will increase by $224,000.

b). The Cash account will increase by $560,000.

c). Total equity will increase by $560,000.

d). The Common Stock account will increase by $784,000.