Chat with AI
Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 51
Paid-in capital for a corporation
Alley Corporation recently organized. The company issued common stock to an inventor in exchange for a patent with a market value of $56,000. In addition, Alley received cash both for 2,000 shares of its $10 par preferred stock at par value and for 9,000 shares of its no-par common stock at $45 per share.
Requirement
1. Without making journal entries, determine the total paid-in capital created by these transactions.
Alley Corporation recently organized. The company issued common stock to an inventor in exchange for a patent with a market value of $56,000. In addition, Alley received cash both for 2,000 shares of its $10 par preferred stock at par value and for 9,000 shares of its no-par common stock at $45 per share.
Requirement
1. Without making journal entries, determine the total paid-in capital created by these transactions.
Explanation
Verified
Verified
This exercise requires application of th...
Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
