Panhandle Corporation was organized on January 3, 2012. The firm was authorized
ID: 2473510 • Letter: P
Question
Panhandle Corporation was organized on January 3, 2012. The firm was authorized to issue 180,000 shares of $6 par common stock. During 2012, Panhandle had the following transactions relating to shareholders' equity:
Issued 54,000 shares of common stock at $8 per share.
Issued 36,000 shares of common stock at $9 per share.
Reported a net income of $180,000.
Paid dividends of $90,000.
What is total paid-in capital at the end of 2012?
$936,000.
$756,000.
$666,000.
$846,000.
Panhandle Corporation was organized on January 3, 2012. The firm was authorized to issue 180,000 shares of $6 par common stock. During 2012, Panhandle had the following transactions relating to shareholders' equity:
Explanation / Answer
total paid-in capital at the end of 2012=Issued 54,000 shares of common stock at $8 per share.+Issued 36,000 shares of common stock at $9 per share+Reported a net income of $180,000-Paid dividends of $90,000=$846,000.
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