Journey Publishing was recently organized. The company issued common stock to an attorney who…
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Journey Publishing was recently organized. The company issued common stock to an attorney who provided legal services worth $24,000 to help organize the corporation. Journey also issued common stock to an inventor in exchange for his patent with a market value of $85,000. In addition, Journey received cash both for the issuance of 3,000 shares of its preferred stock at $90 per share and for the issuance of 17,000 shares of its common shares at $18 per share.During the first year of operations, Journey earned net income of $65,000 and declared a cash dividend of $23,000. Without making journal entries, determine the total paid-in capital created by these transactions.View Solution:
Journey Publishing was recently organized The company issued co
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