Ioanna Corporation was organized on January 1, 2019, with an authorization of 2,000,000 shares of $30 par value common stock. During 2019, Ioanna had the following common stock transactions:
Jan) 4: Issued 100,000 shares @ $36 per share.
Apr) 8: Issued 200,000 shares @ $42 per share.
June 9: Issued 60,000 shares @ $60 per share.
July 29: Purchased 40,000 shares (treasury) @ $60 per share.
Dec) 31: Sold 40,000 shares held in treasury @ $72 per share.
Ioanna had no other transactions affecting paid-in capital.
At December 31, 2019, what is the total amount of paid-in capital?

Question

Quizplus · Accepted Answer

(100,000 x $36) + (200,000 x $42) + (60,000 x $60) + [40,000 x ($72 - $60)] = $16,080,000

Ioanna Corporation Was Organized on January 1, 2019, with an Authorization