Aruba Corporation-recently organized. The company issued common stock to an inventor in exchange for a patent with a market value of $52,000. In addition, Aruba received cash for 6,000 shares of its $20 par preferred stock at par value and 8,000 shares of its no-par common stock at $45 per share. Without making journal entries, determine the total paid-in capital created by these transactions. The total paid-in capital created by these transactions amounts to 418,000
Aruba Corporation-recently organized. The company issued common stock to an inventor in exchange for a patent with a market value of $52,000. In addition, Aruba received cash for 6,000 shares of its $20 par preferred stock at par value and 8,000 shares of its no-par common stock at $45 per share. Without making journal entries, determine the total paid-in capital created by these transactions. The total paid-in capital created by these transactions amounts to 418,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 1MC
Related questions
Question
i need the answer quickly
![Aruba Corporation recently organized. The company issued common stock to an inventor in exchange for a patent with a market value of $52,000. In addition, Aruba received cash for 6,000
shares of its $20 par preferred stock at par value and 8,000 shares of its no-par common stock at $45 per share. Without making journal entries, determine the total paid-in capital created by
these transactions.
The total paid-in capital created by these transactions amounts to
418,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffa3f0409-a1d4-4dde-8934-2ca24a0e7bc9%2F817b4725-5b28-4308-9bb3-351eefd513b8%2Fixtugkr_processed.png&w=3840&q=75)
Transcribed Image Text:Aruba Corporation recently organized. The company issued common stock to an inventor in exchange for a patent with a market value of $52,000. In addition, Aruba received cash for 6,000
shares of its $20 par preferred stock at par value and 8,000 shares of its no-par common stock at $45 per share. Without making journal entries, determine the total paid-in capital created by
these transactions.
The total paid-in capital created by these transactions amounts to
418,000
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning