The Erhardt Corporation was incorporated on January 1,2014,with the following authorized capitalization: During 2014,Erhardt issued 34,000 shares of common stock for a total of $1,700,000 and 6,000 shares of preferred stock at $16 per share.In addition,on December 20,2014,subscriptions for 2,000 shares of preferred stock were taken at a purchase price of $17.These subscribed shares were paid for on January 2,2015.What should Erhardt report as total contributed capital on its December 31,2014,balance sheet?

Question

The Erhardt Corporation was incorporated on January 1,2014,with the following authorized capitalization:  During 2014,Erhardt issued 34,000 shares of common stock for a total of $1,700,000 and 6,000 shares of preferred stock at $16 per share.In addition,on December 20,2014,subscriptions for 2,000 shares of preferred stock were taken at a purchase price of $17.These subscribed shares were paid for on January 2,2015.What should Erhardt report as total contributed capital on its December 31,2014,balance sheet?

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The Answer of The Erhardt Corporation was incorporated on January 1,2014,with the following authorized capitalization:  During 2014,Erhardt issued 34,000 shares of common stock for a total of $1,700,000 and 6,000 shares of preferred stock at $16 per share.In addition,on December 20,2014,subscriptions for 2,000 shares of preferred stock were taken at a purchase price of $17.These subscribed shares were paid for on January 2,2015.What should Erhardt report as total contributed capital on its December 31,2014,balance sheet?

The Erhardt Corporation Was Incorporated on January 1,2014,with the Following