Credit legal fees $40,000 in exchange for common stock Lewandowski Company repor

Question

Credit legal fees $40,000 in exchange for common stock Lewandowski Company reports the following information at the fiscal year end of December 31, 2015: What is the total paid-in capital for this company at December 31, 2015? $88 million $788 million $888 million $1,500 milion $1,588 million Paltrowski Company has an authorized capital of 10 million shares and issued 1 millic shares of $10 stated value common stock. The selling price was $40 per share. What is the journal entry for share authorization? debit Cash $40 million and credit Common Stock $40 million debit Cash $40 million, credit Common Stock $10 million and credit Paid-in Capital in Excess of Par-Common $30 million debit Cash $40 million, credit Common Stock $10 million and credit Paid-in Capital in Excess of Stated Value-Common $30 million debit Cash $40 million and credit Retained Earnings $40 million No journal entry is needed. What is the calculation to determine the number of outstanding shares of stock? yi) number of treasury stock shares plus number of issued shares number of authorized shares minus number of issued shares number of authorized shares minus treasury shares number of authorized shares plus number of issued shares number of issued shares minus number of treasury shares Orlando Corporation incorporated on January 2,2015. During 2015, Orlando had t! olJowing transactions: issued 30,000 shares of common stock at $25 per share. The par value per share is purchased 5,000 shares of treasury stock at $28 per share had net income of $400,000.

Explanation / Answer

36 answer is

B $788 million

paid in capital in excess of par-common = 700+

Common Stock, $0.10 par value per share = 88

788 million is the answer

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