Question: On January 1, 2018, Rhapsody Corp., a closely held corporation, issued 5% bonds with a maturity value of $89,000, together with 1,200 shares of

On January 1, 2018, Rhapsody Corp., a closely held corporation, issued 5%

On January 1, 2018, Rhapsody Corp., a closely held corporation, issued 5% bonds with a maturity value of $89,000, together with 1,200 shares of its $2 par value common stock, for a combined cash amount of $123,946. The market value of Rhapsody's stock is uncertain. If the bonds had been issued separately they would have sold at 103. What amount should Rhapsody credit to additional paid-in capital (or paid-in capital-excess of par) upon issuing the stock?

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