Blossom Corporation began business in 2020 by issuing 96000 shares of $5 par common stock for $8 per share and 25000 shares of 9%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2020 balance sheet, Blossom would report O Common Stock of $768000. Paid-In Capital of $735000. Common Stock of $960000. Common Stock of $480000.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Blossom Corporation began business in 2020 by issuing 96000 shares of $5 par common stock for $8 per share and 25000 shares of 9%,
$10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2020 balance sheet,
Blossom would report
O Common Stock of $768000.
O Paid-In Capital of $735000.
O Common Stock of $960000.
Common Stock of $480000.
Transcribed Image Text:Blossom Corporation began business in 2020 by issuing 96000 shares of $5 par common stock for $8 per share and 25000 shares of 9%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2020 balance sheet, Blossom would report O Common Stock of $768000. O Paid-In Capital of $735000. O Common Stock of $960000. Common Stock of $480000.
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