ques 2

The shareholders' equity of Allen Corporation appears below: Contributed capital: Preferred shares, \$6, 5,000 shares authorized, 500 shares issued $ 55,000 Common shares, 200,000 shares authorized, 30,000 shares issued 900,000 Total contributed capital 955,000 Retained earnings 256,000 Total shareholders' equity $1,211,000 Allen Corporation issued 2,000 common shares in exchange for land valued at $80,000. Which of the following statements is false? Total contributed capital decreases $80,000. Retained Earnings is not affected. Shareholders' equity increases $80,000. Assets increase $80,000