Poodle Corporation was organized on January 3, 2018. The firm was authorized to issue 100,000 shares of $5 par common stock. During 2018, Poodle had the following transactions relating to shareholders' equity: Issued 30,000 shares of common stock at $7 per share.
Issued 20,000 shares of common stock at $8 per share.
Reported a net income of $100,000.
Paid dividends of $50,000.
What is total paid-in capital at the end of 2018?
A) $420,000.
B) $370,000.
C) $470,000.
D) $320,000.

Question

Quizplus · Accepted Answer

(30,000 × $7) + (20,000 × $8) = $370,000

Poodle Corporation Was Organized on January 3, 2018