Bagwell's Net Income for the Year Ended December 31,Year 2

question 75

Multiple Choice

Bagwell's net income for the year ended December 31,Year 2 was $185,000.Information from Bagwell's comparative balance sheets is given below.Compute the cash received from the sale of its common stock during Year 2. $\begin{array}{lrr}\text { At December } 31 & \text { Year 2 } & \text { Year } 1 \\\text { Common Stock, \$5 par value } & \$ 500,000 & \$ 450,000 \\\text { Paid-in capital in excess of par } & 948,000 & 853,000 \\\text { Retained earnings } & 688,000 & 582,000\end{array}$

• A)$185,000.
• B)$106,000.
• C)$95,000.
• D)$50,000.
• E)$145,000.

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