Poodle Corporation Was Organized on January 3, 2018

question 25

Multiple Choice

Poodle Corporation was organized on January 3, 2018. The firm was authorized to issue 100,000 shares of $5 par common stock. During 2018, Poodle had the following transactions relating to shareholders' equity: Issued 30,000 shares of common stock at $7 per share.
Issued 20,000 shares of common stock at $8 per share.
Reported a net income of $100,000.
Paid dividends of $50,000.
What is total paid-in capital at the end of 2018?

• A) $420,000.
• B) $370,000.
• C) $470,000.
• D) $320,000.

---

Definitions:

Transparent Area

A region in a material or substance that allows light to pass through so that objects behind can be distinctly seen.

Outermost Layer

The surface or external layer of an object or organism.

Taste Cells

Specialized sensory cells located on the taste buds that are responsible for detecting the five basic tastes: sweet, sour, salty, bitter, and umami.

Innermost Layer

The deepest layer within a structure or object, often referring to the inner layer of bodily organs or the Earth.