Time Travel Publishing was recently organized. The company issued common stock to an attorney who provided legal services worth $25,000 to help organize the corporation. Time Travel also issued common stock to an inventor in exchange for his patent with a market value of $76,000. In addition, Time Travel received cash both for the issuance of 1,000 shares of its preferred stock at $120 per share and for the issuance of 16,000 shares of its common shares at $8 per share. During the first year of operations, Time Travel earned net income of $60,000 and declared a cash dividend of $25,000. Without making journal entries, determine the total paid-in capital created by these transactions.
- state the problem you’ve chosen and what it is asking, the data being given
b.) attach you excel workup showing how you solved, along with commentary on what you did, why set up as you did, observations of the work and how it relates to the equity section of a company’s financials c.) YOUR answer, what does it mean in relation to the context of the problem and what it was asking….