1. Alton Company has an overhead application rate of 160% and allocates overhead based on direct materials. During the current period, direct labor is $50,000 and direct materials used are $80,000. Determine the amount of overhead Alton Company should record in the current period.

2. A corporation is authorized to issue 9,000 shares of $5 common stock. What should the corporation report as paid-in capital from the issuance of common stock?