Away corporation recently organized. The company issued common stock to an inven

Question

Away corporation recently organized. The company issued common stock to an inventor in exchange for a patent market value of $56,000. In addition, away received cash for 2000 shares of its $10 par preferred stock at par value $8,500 shares of its no-par common stock at $40 per share. Without making journal entries, determine the total paid-in capital created by these transactions.

The total paid in capital created by these transactions amounts to $________________ Away corporation recently organized. The company issued common stock to an inventor in exchange for a patent market value of $56,000. In addition, away received cash for 2000 shares of its $10 par preferred stock at par value $8,500 shares of its no-par common stock at $40 per share. Without making journal entries, determine the total paid-in capital created by these transactions.

The total paid in capital created by these transactions amounts to $________________ Away corporation recently organized. The company issued common stock to an inventor in exchange for a patent market value of $56,000. In addition, away received cash for 2000 shares of its $10 par preferred stock at par value $8,500 shares of its no-par common stock at $40 per share. Without making journal entries, determine the total paid-in capital created by these transactions.

The total paid in capital created by these transactions amounts to $________________

Explanation / Answer

Solution:

Stock issued for patent 56,000 Cash received from preferred stock 20,000 Issue of no-par common stock 340000 Total paid in capital 416,000

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