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Kinkaid Co. is incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its stockholders equity
Kinkaid Co. is incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its stockholders equity during its first year of operations.
General Journal | Debit | Credit | |
a. | Cash | 270,000 | |
Common Stock, $25 Par Value | 240,000 | ||
Paid-In Capital in Excess of Par Value, Common Stock | 30,000 | ||
b. | Organization Expenses | 200,000 | |
Common Stock, $25 Par Value | 127,000 | ||
Paid-In Capital in Excess of Par Value, Common Stock | 73,000 | ||
c. | Cash | 45,000 | |
Accounts Receivable | 15,500 | ||
Building | 81,500 | ||
Notes Payable | 59,800 | ||
Common Stock, $25 Par Value | 52,200 | ||
Paid-In Capital in Excess of Par Value, Common Stock | 30,000 | ||
d. | Cash | 135,000 | |
Common Stock, $25 Par Value | 77,000 | ||
Paid-In Capital in Excess of Par Value, Common Stock | 58,000 | ||
Required:
2. How many shares of common stock are outstanding at year-end?
3. What is the amount of minimum legal capital (based on par value) at year-end?
4. What is the total paid-in capital at year-end?
5. What is the book value per share of the common stock at year-end if total paid-in capital plus retained earnings equals $783,000?
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