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Unformatted text preview: Points Received: 0 of 4 Comments: 3. Question: (TCO E) Berry Corporation has 50,000 shares of $10 par common stock authorized. The following transactions took place during 2010, the first year of the corporation's existence: Sold 5,000 shares of common stock for $18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at $100,000. At the end of the Berry's first year, the additional paid-in capital amounted to Your Answer: $40,000. $90,000. CORRECT $100,000. $190,000. Instructor Explanation: (5,000 X $8) + 50,000 = $90,000. Chapter 15. Points Received: 4 of 4 Comments:...
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This note was uploaded on 10/14/2010 for the course ACCT 1234 taught by Professor Gor during the Spring '10 term at DeVry Bellevue.
- Spring '10