Trans World Publishing Was Recently Organized As A Corporation The Company Issued Common Stock To An Attorney Who Provi 1 (60.13 KiB) Viewed 5 times
Trans World Publishing was recently organized as a corporation. The company issued common stock to an attorney who provided legal services worth $25,000 to help with the incorporation. Trans World also issued common stock to an inventor in exchange for her patent with a market value of $85,000. In addition, Trans World received cash both for the issuance of 5,000 shares of its preferred stock at $50 per share and for the issuance of 21,000 of its common shares at $7 per share. During the first year of operations, Trans World earned net income of $94,000 and declared a cash dividend of $26,000. Read the requirement. Requirement 1. Without making journal entries, determine the total paid-in capital created by these transactions. Complete the table below by selecting the transactions that result in paid-in capital and then enter the amounts enter a zero.) Transaction Total paid-in capital Paid-in capital calculate total paid-in capital for the period. (If an input field is not used in the table leave the field empty; do not select a label or Requirement 1. Without making journal entries, determine the total paid-in capital created by these transactions. Print Done
Requirement 1. Without making journal entries, determine the total paid-in capital created Complete the table below by selecting the transactions that result in paid-in capital and the enter a zero.) Transaction Declared dividends Earned net income Issuance of common stock for a patent Issuance of common stock for cash Issuance of common stock for legal services Issuance of preferred stock for cash Paid-in capital
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