Assured Corp. has recently incorporated. The company issued common shares to a lawyer who provided legal services

Question:

Assured Corp. has recently incorporated. The company issued common shares to a lawyer who provided legal services worth $7,500 to help organize the corporation. It issued common shares to another person in exchange for his patent with a market value of $45,000. In addition, Assured Corp. received cash both for 2,500 of its $1.50 preferred shares at $10.00 per share and for 35,000 of its common shares at $12.50 per share. Without making journal entries, determine the total contributed capital created by these transactions.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Horngrens Accounting

ISBN: 9780135359785

11th Canadian Edition Volume 2

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann Johnston, Peter R. Norwood

Question Posted: