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The Amelia Corporation was incorporated on January 1, 2011, with the following authorized capitalization:

• 40,000 shares of common stock, no par value, stated value $40 per share

• 10,000 shares of 5 percent cumulative preferred stock, par value $10 per share

During 2011, Amelia issued 24,000 shares of common stock for a total of $1,200,000 and 6,000 shares of preferred stock at $16 per share. In addition, on December 20, 2011, 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, 2012. What should Amelia report as total contributed capital on its December 31, 2011, balance sheet?

a. $1,040,000

b. $1,262,000

c. $1,296,000

d. $1,330,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9430523

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