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Towson Corp.,was organized on January 2, 2018. During the first year of operation, Towson issued 80,000 shares of $4 par value common stock at a
Towson Corp.,was organized on January 2, 2018. During the first year of operation, Towson issued 80,000 shares of $4 par value common stock at a price of $35 cash per share.On December 31, 2018, Towson reported Net Income of $250,000 and paid $50,000 cash dividends. Use this information to determine the dollar amounts that Towson will report on its year end Balance Sheet forPaid in Capital Common Stock in Excess to par.
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