Global Publishing Inc. was recently organized. The company issued common shares to a lawyer who provided legal services of $23,000 to help organize the corporation. Global also issued common shares to an inventor in exchange for his patent with a fair value of $100,000. In addition, Global received cash both for the issuance of 5,500 of its preferred shares at $155 per share and for the issuance of 26,000 common shares at $28 per share. During the first year of operations, Global earned net income of $70,000 and declared a cash dividend of $35,000. Without making journal entries, determine the total share capital created by these transactions. Share capital consists of: C
Global Publishing Inc. was recently organized. The company issued common shares to a lawyer who provided legal services of $23,000 to help organize the corporation. Global also issued common shares to an inventor in exchange for his patent with a fair value of $100,000. In addition, Global received cash both for the issuance of 5,500 of its preferred shares at $155 per share and for the issuance of 26,000 common shares at $28 per share. During the first year of operations, Global earned net income of $70,000 and declared a cash dividend of $35,000. Without making journal entries, determine the total share capital created by these transactions. Share capital consists of: C
Chapter22: S Corporations
Section: Chapter Questions
Problem 36P
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I need in one hour please do it please fast as soon as possible
![Share capital consists of:
Common shares:
Issued for cash
Issued for organizing the corporation
Issued for patent
Net income
Peferred shares:
Retained earnings
Total share capital
1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F63b6e3b1-4bdc-4d54-a2df-6efc345f8fa7%2Fe4fc1ca3-2a74-4762-b7f6-1d7c6838a338%2F41uu5il_processed.png&w=3840&q=75)
Transcribed Image Text:Share capital consists of:
Common shares:
Issued for cash
Issued for organizing the corporation
Issued for patent
Net income
Peferred shares:
Retained earnings
Total share capital
1
![Global Publishing Inc. was recently organized. The company issued common shares to a lawyer who provided legal services of $23,000 to help organize the corporation. Global also issued common
shares to an inventor in exchange for his patent with a fair value of $100,000. In addition, Global received cash both for the issuance of 5,500 of its preferred shares at $155 per share and for the
issuance of 26,000 common shares at $28 per share. During the first year of operations, Global earned net income of $70,000 and declared a cash dividend of $35,000. Without making journal
entries, determine the total share capital created by these transactions.
Share capital consists of:
Total share capital
C](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F63b6e3b1-4bdc-4d54-a2df-6efc345f8fa7%2Fe4fc1ca3-2a74-4762-b7f6-1d7c6838a338%2F7lk5i7c_processed.png&w=3840&q=75)
Transcribed Image Text:Global Publishing Inc. was recently organized. The company issued common shares to a lawyer who provided legal services of $23,000 to help organize the corporation. Global also issued common
shares to an inventor in exchange for his patent with a fair value of $100,000. In addition, Global received cash both for the issuance of 5,500 of its preferred shares at $155 per share and for the
issuance of 26,000 common shares at $28 per share. During the first year of operations, Global earned net income of $70,000 and declared a cash dividend of $35,000. Without making journal
entries, determine the total share capital created by these transactions.
Share capital consists of:
Total share capital
C
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