Nina Corporation’s December 31, 2014 balance sheet showed the following: 8% pref

Question

Nina Corporation’s December 31, 2014 balance sheet showed the following:

8% preferred stock, $20 par value, cumulative, 40,000 shares

          authorized; 20,000 shares issued                $     400,000

Common stock, $10 par value, 4,000,000 shares authorized;

          3,900,000 shares issued, 3,860,000 shares outstanding        39,000,000

Paid-in capital in excess of par—preferred stock      120,000

Paid-in capital in excess of par—common stock 54,000,000

Retained earnings                                                      15,300,000

Treasury stock (40,000 shares)                                 1,260,000

Nina’s total paid-in capital was

a. $93,520,000.

b. $94,780,000.

c. $92,260,000.

d. $54,120,000.

Explanation / Answer

8% Preferred stock 20000*$20 400000 Common Stock 3900000*$10 39000000 Paid-in capital in excess of par—preferred stock 120000 Paid-in capital in excess of par—common stock 54000000 Total Paid in Capital 93520000

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