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Auto Bowl Company was organized on January 3, 2014. The firm was authorized to issue...

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Accounting

Auto Bowl Company was organized on January 3, 2014. The firm was authorized to issue 100,000 shares of $5 par common stock. During 2014, Auto Bowl Company had the following transactions relating to shareholders' equity: January 5, 2014 - Issued 30,000 shares of common stock at $7 per share. January 7, 2014 - Issued 20,000 shares of common stock at $8 per share. Reported a net income of $100,000. Paid dividends of $50,000.

1. Prepare the two (2) journal entries to record the sale of the shares:

2. What is total paid-in capital at the end of 2014?

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