Question: Campus Publishing was recently organized The company issued common stock
Campus Publishing was recently organized. The company issued common stock to an attorney who provided legal services worth $21,000 to help organize the corporation. Campus Publishing also issued common stock to an inventor in exchange for his patent with a market value of $67,000. In addition, Campus received cash both for the issuance of 2,000 shares of its preferred stock at $120 per share and for the issuance of 16,000 shares of its common shares at $6 per share. During the first year of operations, Campus Publishing earned net income of $68,000 and declared a cash dividend of $25,000. Without making journal entries, determine the total paid-in capital created by these transactions.
Answer to relevant QuestionsBuffette Software had the following selected account balances at December 31, 2014 (in thousands, except par value per share):Requirements1. Prepare the stockholders’ equity section of Buffette Software’s balance sheet ...The stockholders’ equity for Dairy Land Drive-Ins (DL) on July 13, 2015, follows:Stockholders’ Equity Common stock, $0.75 par, 2,700,000 sharesauthorized, 650,000 shares issued .........$ 487,500Paid-in capital ...Whitman Outdoor Furniture Company included the following stockholders’ equity on its year-end balance sheet at February 28, 2015:Stockholders’ EquityPreferred stock, 6.5% cumulative—par value $15 per share;authorized ...London Jewelry Company reported the following summarized balance sheet at December 31, 2014:AssetsCurrent assets............................................................. $ 59,400Property and equipment, ...Cardinal Company requires that all documents supporting a check be canceled by punching a hole through the packet. Why is this practice required? What might happen if it were not?
Post your question