(Learning Objective 2: Measuring the paid-in capital of a corporation) Journey Publishing was recently organized. The company...

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(Learning Objective 2: Measuring the paid-in capital of a corporation) Journey Publishing was recently organized. The company issued ordinary shares to a lawyer who provided legal services worth €24,000 to help organize the corporation. Journey also issued ordinary shares 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 preference shares at €90 per share and for the issuance of 17,000 shares of its ordinary shares at €18 per share.

During the fi rst year of operations, Journey earned a 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.

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