Question

Poodle Corporation was organized on January 3, 2018. The firm was authorized to issue 98,000 shares of $5 par common stock. During 2018, Poodle had the following transactions relating to shareholders' equity: Issued 39,000 shares of common stock at $5.80 per share. Issued 19,000 shares of common stock at $8.30 per share. Reported a net income of $109,000. Paid dividends of $50,000. What is total Paid-in capital at the end of 2018

Answer 1

Answer:

$383,900

Explanation:

Calculation for the total Paid-in capital at the end of 2018

Total Paid-in capital=(39,000 shares of common stock *$5.80per share)+(19,000 shares of common stock * $8.30 per share)

Total Paid-in capital=$226,200+$157,700

Total Paid-in capital=$383,900

Therefore the total Paid-in capital at the end of 2018 is $383,900