Nance Corporation\'s December 31, 2014 balance sheet showed the following: 8% pr

Question

Nance Corporation's December 31, 2014 balance sheet showed the following:

8% preferred stock, $20 par value, cumulative,

30,000 shares authorized; 15,000 shares issued

$ 300,000

Common stock, $10 par value, 3,000,000 shares authorized;

1,950,000 shares issued, 1,920,000 shares outstanding

19,500,000

60,000

27,000,000

7,650,000

630,000

Nance's total paid-in capital was

$27,060,000.

$47,490,000.

$46,230,000.

$46,860,000.

8% preferred stock, $20 par value, cumulative,

30,000 shares authorized; 15,000 shares issued

$ 300,000

Common stock, $10 par value, 3,000,000 shares authorized;

1,950,000 shares issued, 1,920,000 shares outstanding

19,500,000

Paid-in capital in excess of par value – preferred stock

60,000

Paid-in capital in excess of par value – common stock

27,000,000

Retained earnings

7,650,000

Treasury stock (30,000 shares)

630,000

Explanation / Answer

Nance's total paid-in capital is $46,230,000.

8% preferred stock, $20 par value, cumulative, 30,000 shares authorized; 15,000 shares issued                   300,000 Common stock, $10 par value, 3,000,000 shares authorized; 1,950,000 shares issued, 1,920,000 shares outstanding             19,500,000 Paid-in capital in excess of par value – preferred stock                     60,000 Paid-in capital in excess of par value – common stock             27,000,000 Treasury stock (30,000 shares)                (630,000) Total paid-in capital             46,230,000

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