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Roberts Corporation has 100,000 shares of $10 par common stock authorized. The following transactions took place during 2013, the first year of the corporation's existence:

Sold 10,000 shares of common stock for $14 per share

Issued 20,000 shares of common stock in exchange for legal services valued at $300,000

At the end of Roberts' first year, total paid-in capital amounted to:

a) $100,000

b) $140,000

c) $300,000

d) $440,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M947442

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