Poodle corporation was organized on january 3 2011. the, Ask an Expert

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Poodle Corporation was organized on January 3, 2011. The firm was authorized to issue 100,000 shares of $5 par common stock. During 2011, Poodle had the following transactions relating to shareholders' equity:

Issued 30,000 shares of common stock at $7 per share.
Issued 20,000 shares of common stock at $8 per share.
Reported a net income of $100,000.
Paid dividends of $50,000.

What is total Paid-in capital at the end of 2011?

A. $420,000.

B. $370,000.

C. $470,000.

D. $320,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M979279

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