Answer:
cash received from issuance234,000
cash used for dividends 24,000
Explanation:
Common stock 111,000 104,000
Paid -in excess of par 571,000 344,000
RE 317,500 291,500
Common Stock Paid-in Excess RetainedEarnings Cash
<u>Debit Credit</u> <u>Debit Credit </u> <u>Debit Credit</u> <u>Debit Credit</u>
104,000 344,000 291,500 7,000 227,000 234,000
Balance111,000 Balance: 571,000 50,000
24,000 24,000
Balance: 317,500
Beginning Earnings + Income - Dividends = Ending
Dividends= Beginning + Income - Ending
Dividends= 291,500 + 50,000 - 317,500 = 24,000
