Question

Alley, Co., recently organized. The company issued no-par common stock to an attorney in exchange for his patent with a market value of $55,000. In addition, Alley, Co., received cash for 3,500 shares of its $50 par preferred stock sold at par value and for 9,000 shares of its no-par common stock sold at $6 per share. Retained Earnings at the end of the first year was $39,000.

Requirement
1. Without making journal entries, determine the total paid-in capital created by
these transactions.



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  • CreatedApril 29, 2014
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