Question

A company issued 60 shares of $100 par value common stock for $7,000 cash. The total amount of paid-in capital is:

A) $100 B) $600 C) $1,000 D) $6,000 E) $7,000

Answer 1

Answer:

A company issued 60 shares of $100 par value common stock for $7,000 cash. The total amount of paid-in capital is: $6, 000

Explanation:

60 shares of $100 per value

therefore, the cost would be 60 X 100= $6,000