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Lipe Company reports the following transactions: Jan 15 Issued 25,000 shares of $5 par value common stock at $17 cash per share. Mar 31 Purchased
Lipe Company reports the following transactions: Jan 15 Issued 25,000 shares of $5 par value common stock at $17 cash per share. Mar 31 Purchased 3,000 shares of its own common stock at $20 cash per share. June 25 Sold 2,000 shares of its treasury stock at $26 cash per share. REQUIRED: Calculate the total amount of Contributed Capital (also known as Paid-In Capital) from all sources as a result of the above transactions. Please note that Paid-In Capital includes Additional Paid-In Capital. (Also, please note that the points allocated to PART 7 were determined under the assumption that the ending balance in the Treasury Stock account was not used to calculate the total amount of Contributed Capital.)
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