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Common Stock Issuance Cary Corporation has 50,000 shares of $10 par common stock authorized. The following transactions took place during 2016, the first year of the corporation's existence: Sold 5,000 shares of common stock for $18 per share Issued 5,000 shares of common stock in exchange for a patent valued at $100,000 At the end of the Cary's first year, total contributed capital amounted to: a. $190,000 b. $90,000 c. $40,000 d. $100,000

Common Stock Issuance Cary Corporation has 50,000 shares of $10 par common stock authorized. The following transactions took place during 2016, the first year of the corporation's existence: Sold 5,000 shares of common stock for $18 per share Issued 5,000 shares of common stock in exchange for a patent valued at $100,000 At the end of the Cary's first year, total contributed capital amounted to: a. $190,000 b. $90,000 c. $40,000 d. $100,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Common Stock Issuance Cary Corporation has 50,000 shares of $10 par common stock authorized. The following transactions took place during 2016, the first year of the corporation's existence: Sold 5,000 shares of common stock for $18 per share Issued 5,000 shares of common stock in exchange for a patent valued at $100,000 At the end of the Cary's first year, total contributed capital amounted to: a. $190,000 b. $90,000 c. $40,000 d. $100,000
Transcribed Image Text:Common Stock Issuance Cary Corporation has 50,000 shares of $10 par common stock authorized. The following transactions took place during 2016, the first year of the corporation's existence: Sold 5,000 shares of common stock for $18 per share Issued 5,000 shares of common stock in exchange for a patent valued at $100,000 At the end of the Cary's first year, total contributed capital amounted to: a. $190,000 b. $90,000 c. $40,000 d. $100,000
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