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Garnet Corporation was organized by issuing 100,000 shares of $1 par value common stock at...

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Accounting

Garnet Corporation was organized by issuing 100,000 shares of $1 par value common stock at a price of $50 cash per share. During the first year, Garnet had net income of $250,000 and paid $50,000 dividends. What is the balance sheet amount for common stock at year-end?

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