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Journey Publishing was recently organized as a corporation. The company issued common stock to an attorney who provided legal services worth $15,000 to help with
Journey Publishing was recently organized as a corporation. The company issued common stock to an attorney who provided legal services worth $15,000 to help with the incorporation. Journey also issued common stock to an inventor in exchange for her patent with a market value of $76,000. In addition, Journey received cash both for the issuance of 6,000 shares of its preferred stock at $50 per share and for the issuance of 21,000 of its common shares at $1 per share. During the first year of operations, Journey earned net income of $94,000 and declared a cash dividend of $29,000. Read the requirement. Requirement 1. Without making journal entries, determine the total paid-in capital created by these transactions. Complete the table below by selecting the transactions that result in paid-in capital and then enter the amounts to calculate total paid-in capital for the period. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Transaction Paid-in capital A Requirement 1. Without making journal entries, determine the total paid-in capital created by these transactions. Print Done Total paid-in capital
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