Rome Corp.was organized on January 1, 2014, with the following authorized share capital: 20,000 common shares, no par value 6,000, $.05, cumulative preferred shares, no par value During 2014, the corporation issued 10,000 common shares for $350,000 and 5,000 preferred shares at $24 per share.On December 20, 2014, subscriptions for 1,000 preferred shares were taken at a purchase price of $30.These subscribed shares were paid for on January 2, 2015. What should Rome report as total contributed capital on its December 31, 2014, balance sheet?

Question

Quizplus · Accepted Answer

The Answer of Rome Corp.was organized on January 1, 2014, with the following authorized share capital: 20,000 common shares, no par value 6,000, $.05, cumulative preferred shares, no par value During 2014, the corporation issued 10,000 common shares for $350,000 and 5,000 preferred shares at $24 per share.On December 20, 2014, subscriptions for 1,000 preferred shares were taken at a purchase price of $30.These subscribed shares were paid for on January 2, 2015. What should Rome report as total contributed capital on its December 31, 2014, balance sheet?

Rome CorpWas Organized on January 1, 2014, with the Following Authorized