Question

Astro, Co., recently organized. The company issued no-par common stock to an attorney in exchange for his patent with a market value of $53,000. In addition, Astro, Co., received cash for 4,000 shares of its $25 par preferred stock sold at par value and for 25,000 shares of its no-par common stock sold at $20 per share. Retained Earnings at the end of the first year was $88,000.

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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