Dillon Snowboards Ltd issued 60 no-par-value common shares for $10,000.The amount of contributed capital arising from this transaction is
A)$100
B)$600
C)$1,000
D)$6,000
E)$10,000

Question

Quizplus · Accepted Answer

The contributed capital from this transaction is the total amount received from the issuance of the shares, which is $10,000. No-par-value shares mean that they don't have a stated value, so the entire proceeds from their sale are considered contributed capital.

Dillon Snowboards Ltd Issued 60 No-Par-Value Common Shares for $10,000