(Answered) Question - tolkin corporation was organized on january 1

Accounting

Question - Tolkin Corporation was organized on January 1, 2013, with an authorization of 5,000,000 shares of $1 par value common stock. During 2013, Tolkin had the following common stock transactions:

Jan. 4: Issued 300,000 shares @ $8 per share.

Apr. 8: Issued 100,000 shares @ $6 per share.

July 29: Purchased 90,000 shares (treasury) @ $7 per share.

Oct. 18: Sold 60,000 shares held in treasury @ $9 per share.

Dec. 31: Sold 30,000 shares held in treasury @ $6 per share.

Tolkin had no other transactions affecting paid-in capital. At December 31, 2013, what is the total amount of paid-in capital?

A. $3,120,000

B. $3,090,000

C. $2,660,000

D. $2,720,000

E. None of the above

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