Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Alley Corp, has recently organized. The company issued common shares to a lawyer who provided legal services worth $ 1 0 , 5 0 0

Alley Corp, has recently organized. The company issued common shares to a lawyer who provided legal services worth $10,500 to help organize the corporation. It issued common shares to another person in exchange for his patent with a market value of $60,000. In addition, Alley Corp. received cash both for 6,000 of its $3.00 preforred shares at $12.00 per share and for 75,000 of its common shares at $17.00 per share, Without making journal entries, determine the total contributed capital created by these transactions.The total contributed capital created by these transactions was!

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Reform In Transition And Developing Economies

Authors: Robert W. McGee

1st Edition

0387257071, 9780387257075

More Books

Students also viewed these Accounting questions