Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a company issues 500 shares of $10 par value commo

A company issues 500 shares of $10 par value common stock and 100 shares of...

80.2K

Verified Solution

Question

Accounting

A company issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $115,000. The market price of the common shares is $172 each and market price of the preferred is $215 each. The total amount allocated to the common issue (par account plus paid-in-excess account) is

a.$92,000

b.$87,000

c.$100,000

d.$95,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Select the correct answer How are feral cats threatening the existence of nearly 100 species...

Biology
Q

A new thermostat has been engineered for the frozen food cases in large supermarkets. Both the...

Basic Math
Q

Tony and Suzie graduate from college in May 2018 and begin developing their new business. They...

Accounting
Q

Find the electric field at point P on the perpendicular bisector of a uniformly charged...

Physics
Q

The rms speed of a large number of molecules of a gas in a vessel...

Physics
Q

What will be the while statement if you want these output Assume int a 1000...

Basic Math
Q

A book claims that more hockey players are born in January through March than in...

Statistics
Q

Evaluate the limit using L Hospital s rule sin 9x lim 2 0 tan 82

Calculus
Q

Total annual payroll for the year Payments made...

Accounting
Q

Sisco Co. purchased a patent from Thornton Co. for $620,000 on July 1, 2012. Expenditures...

Accounting
Q

You are considering investing in a start-up project at a cost of $4 million. You...

Finance
Q

Refer to the MiniS\&P contract in Figure 221. Assume the closing price for this day...

Finance