On January 2, Year 1, Torres Corporation issued 21,000 shares of $15 par-value common stock for $20 per share. Which of the following statements is true?

Multiple Choice

• Total equity will increase by $315,000.
• The cash account will increase by $315,000.
• The paid-in capital in excess of par value account will increase by $105,000.
• The common stock account will increase by $420,000.