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13. On June 1, Year 1, Johnson Corp., a newly formed company, had the following stock issued and outstanding: 1) Common stock, no par, $1
13. On June 1, Year 1, Johnson Corp., a newly formed company, had the following stock issued and outstanding: 1) Common stock, no par, $1 stated value, 10,000 shares originally issued for $40 per share. 2) Preferred stock, $10 par value, 5000 shares originally issued for $70 per share. Johnson's June 1, Year 1 statement of stockholders' equity should report Common Stock Preferred Stock Additional Paid-in Capital a. $10,000 $350,000 $390,000 b. $400,000 $350,000 $0 c. $400,000 $50,000 $300,000 d. $10,000 $50,000 $690,000
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