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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

Gold Corporation began operations on January 1, 2012. The firm was authorized to issue 200,000 shares of $4 par value common stock. During 2012, Gold had the following transactions relating to shareholders' equity:
Issued 70,000 shares of common stock at $9 per share.
Issued 105,000 shares of common stock at $15 per share.
Reported a net income of $950,000.
Paid cash dividends of $45,000.
Purchased 35,000 shares of treasury stock at $16 per share.
What is total stockholders' equity at the end of 2012?
$3,155,000
$3,110,000
$2,550,000
$2,595,000

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