Question: Preston Road Inc. was organized last year when its founders contributed $9 million and issued 3 million shares of $1.25 par value stock. The company

Preston Road Inc. was organized last year when its founders contributed $9 million and issued 3 million shares of $1.25 par value stock. The company earned $750,000 in its first year and paid dividends of $325,000. Construct the Equity section of Preston Road’s balance sheet as of the end of that year.

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Common stock 3M shrs 125 par 3750000 Paid in Excess 9M 375M 5250000 Total Equity 9000... View full answer

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