Note: This is a Kaplan CPA Review Question
The condensed balance sheet of Adams & Gray, a partnership, at December 31, 20X1, follows:
On December 31, 20X1, the fair values of the assets and liabilities were appraised at $240,000 and $20,000, respectively, by an independent appraiser. On January 2, 20X2, the partnership was incorporated and 1,000 shares of $5 par value common stock were issued. Immediately after the incorporation, what amount should the new corporation report as additional paid-in capital?

Question

Note: This is a Kaplan CPA Review Question
The condensed balance sheet of Adams & Gray, a partnership, at December 31, 20X1, follows: 
On December 31, 20X1, the fair values of the assets and liabilities were appraised at $240,000 and $20,000, respectively, by an independent appraiser. On January 2, 20X2, the partnership was incorporated and 1,000 shares of $5 par value common stock were issued. Immediately after the incorporation, what amount should the new corporation report as additional paid-in capital?

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The Answer of Note: This is a Kaplan CPA Review Question
The condensed balance sheet of Adams & Gray, a partnership, at December 31, 20X1, follows: 
On December 31, 20X1, the fair values of the assets and liabilities were appraised at $240,000 and $20,000, respectively, by an independent appraiser. On January 2, 20X2, the partnership was incorporated and 1,000 shares of $5 par value common stock were issued. Immediately after the incorporation, what amount should the new corporation report as additional paid-in capital?

Note: This Is a Kaplan CPA Review Question