Panhandle Corporation was organized on January 3,2012.The firm was authorized to issue 100,000 shares of $5 par value common stock.During 2012,Panhandle 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 2012?

Question

Quizplus · Accepted Answer

The Answer of Panhandle Corporation was organized on January 3,2012.The firm was authorized to issue 100,000 shares of $5 par value common stock.During 2012,Panhandle 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 2012?

Panhandle Corporation Was Organized on January 3,2012