Ari's Cafe began operations on March 1, 2016 . The corporate charter authorized the issuance of 3,000 shares of $2 par value common stock and 1,000 shares of $3 par value, 8% cumulative preferred stock. The company's fiscal year ends on February 28 . Ari's sold 500 shares of common stock at $6 per share on April 1 . What impact does the entry to record the April 1 transaction have on total
stockholders' equity?
a. No effect
b. Increase by $1,000
c. Increase by $3,000
d. Increase by $6,000
c
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