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Silver Corporation was organized on January 3, 2012. The firm was authorized to issue 300,000 shares of $8 par value common stock. During 2012, Silver
Silver Corporation was organized on January 3, 2012. The firm was authorized to issue 300,000 shares of $8 par value common stock. During 2012, Silver had the following transactions relating to shareholders' equity: |
Issued 120,000 shares of common stock at $15 per share. |
Issued 80,000 shares of common stock at $20 per share. |
Reported a net income of $1,000,000. |
Paid cash dividends of $25,000. |
What is total paid-in capital at the end of 2012? |
$4,400,000 |
$3,400,000 |
$1,600,000 |
$4,375,000
|
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