Poodle Corporation was organized on January 3, 2024. The firm was authorized to issue 96,000 shares of $5 par common stock. During 2024, Poodle had the following transactions relating to shareholders' equity: Issued 21,000 shares of common stock at $7.10 per share. Issued 16,000 shares of common stock at $9.10 per share. Reported net income of $91,000. Paid dividends of $51,000. What is total paid-in capital at the end of 2024?

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 4MC
icon
Related questions
Question

Poodle Corporation was organized on January 3, 2024. The firm was authorized to issue 96,000 shares of $5 par common stock. During 2024, Poodle had the following transactions relating to shareholders' equity:

Issued 21,000 shares of common stock at $7.10 per share.

Issued 16,000 shares of common stock at $9.10 per share.

Reported net income of $91,000.

Paid dividends of $51,000.

What is total paid-in capital at the end of 2024?

AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
steps

Unlock instant AI solutions

Tap the button
to generate a solution

Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning