Sheffield Corp. has 100000 shares of $10 par common stock authorized. The following transactions took place during 2020, the fir year of the corporation's existence: Sold 19000 shares of common stock for $13.50 per share. Issued 19600 shares of common stock in exchange for a patent valued at $294000. At the end of the Sheffield's first year, total paid-in capital amounted to O $550500. O $256500. O $114000. O $294000.

Sheffield Corp. has 100000 shares of $10 par common stock authorized. The following transactions took place during 2020, the fir year of the corporation's existence: Sold 19000 shares of common stock for $13.50 per share. Issued 19600 shares of common stock in exchange for a patent valued at $294000. At the end of the Sheffield's first year, total paid-in capital amounted to O $550500. O $256500. O $114000. O $294000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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