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

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?

Quizplus · Accepted Answer

The Answer of 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?

The Condensed Balance Sheet of Adams & Gray,a Partnership,at December