Assume the a corporation has the following balances before, Ask an Expert

Accounting

Assume the a corporation has the following balances before the stock issuance indicated below.

Stockholders Equity

Before Transaction

Common stock, 30,000 shares authorized, 2,200 shares issued, 1,980shares outstanding, $10 par value. $22,000

Contributed capital in excess of par value, Common Stock $110,000

The corporation issues 170 additional shares of common stock for $120 per share.

1. How much cash did the corporation receive? _______________

2. What is the balance in "Contributed capital in excess of par, Common Stock " account AFTER this transaction has been recorded? _______________

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91970339

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