(Learning Objective 2: Measuring the paid-in capital of a corporation) Travel Publishing was recently organized. The company issued ordinary shares to an attorney who provided legal services worth $23,000 to help organize the corporation. Travel also issued ordinary shares to an inventor in exchange for his patent with a market value of $82,000. In addition, Travel received cash both for the issuance of 2,000 shares of its preference shares at $120 per share and for the issuance of 22,000 of its ordinary shares at $1 per share. During the fi rst year of operations, Travel earned a net income of $50,000 and declared a cash dividend of $29,000. Without making journal entries, determine the total paid-in capital created by these transactions.

.E10-23A (Learning Objectives 2, 3: Preparing shareholders’ equity section of a balance sheet) Patterson Software had the following selected account balances at December 31, 20X6 (in thousands, except par value per share).
❙ Requirements 1. Prepare the shareholders’ equity section of Patterson’s balance sheet (in thousands).
2. How can Patterson have a larger balance of treasury shares than the sum of ordinary shares and Paid-in Capital in Excess of Par?