OK this is the question and I've been trying to figure it out but my book isn't helping much so I tried to find a site that would explain it better and couldn't find much... and my mom doesn't know how to do accounting either so not much help there. It's the last question I have to anwer and couln't figure out so will somebody lend a helping hand... thank you very much!

IHOP issued common stock and received $32,000,000. The par value of the IHOP stock was only $32,000. Is the excess amount of $31,968,000 a profit to IHOP? Does the excess affect net income? If not, what was it?

No it doesn't

The extra amount is merely the excess over the par value of the stock, but it's still equity. The stock really did sell for $32,000,000 and that's how much stock is going to be on the books. It's not like an asset that got sold for a gain. They're just issuing ownership, and the amount of that ownership is $32 million. The par and excess of par is just a way to split it down, but doesn't change the fact that it's still stockholder's equity.