Journey Publishing was recently organized. The company issued common stock to an attorney who…

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