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Capital Stock Stahl Company was incorporated as a new business on January 1, 2013. The company is authorized to issue 600,000 shares of $2 par
Capital Stock Stahl Company was incorporated as a new business on January 1, 2013. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, $20 par value, cumulative preferred stock. On January 1, 2013, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2013, was $500,000. Required: What is the amount of Stahl's total contributed capital at December 31, 2013?
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