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How to determine paid-in capital?
Alley, Co. recently organized. The company issued no-par common stock to an attorney in exchange for his patent with a market value of $55,000. In addition, Alley, Co. received cash for 3,500 shares of its $50 par preferred stock sold at par value and for 9,000 shares of its no par common stock sold at $6 per share. Retained Earning at the end of the first year was $39,000
1. without making journal entries, determine the total pain-in capital created by these transactions |
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