Racer Corporation's December 31 2021 balance sheet showed the following: 6% preferred stock $20 par value cumulative $\begin{array} { l }
\text {40,000 shares authorized; 25,000 shares issued }&\$500,000\
\text { Common stock, $ \$ 10 $ par value, $ 4,000,000 $ shares authorized; }&\
\text { $ 2,600,000 $ shares issued, $ 2,560,000 $ shares outstanding}&26,000,000\
\text {Paid-in capital in excess of par value - preferred stock }&80,000\
\text {Paid-in capital in excess of par value - common stock }&37,000,000\
\text { Retained earnings}&12,200,000\
\text { Treasury stock (40,000 shares)}&840,000\
\end{array}$
Racer's total paid-in capital was

Question

Racer Corporation's December 31 2021 balance sheet showed the following: 6% preferred stock $20 par value cumulative $\begin{array} { l  } 
 \text {40,000 shares authorized; 25,000 shares issued }&\$500,000\
\text { Common stock, $ \$ 10 $ par value, $ 4,000,000 $ shares authorized; }&\
\text {  $ 2,600,000 $ shares issued, $ 2,560,000 $ shares outstanding}&26,000,000\
\text {Paid-in capital in excess of par value - preferred stock  }&80,000\
\text {Paid-in capital in excess of par value - common stock  }&37,000,000\
\text { Retained earnings}&12,200,000\
\text { Treasury stock (40,000  shares)}&840,000\
\end{array}$
 Racer's total paid-in capital was

Quizplus · Accepted Answer

Total paid-in capital = Preferred stock + Common stock + Paid-in capital in excess of par value - preferred stock + Paid-in capital in excess of par value - common stock= 500,000 + 26,000,000 + 80,000 + 37,000,000= $63,580,000

Racer Corporation's December 31 2021 Balance Sheet Showed the Following