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.

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Definitions:

Adaptation

The process of adjusting to changes in the environment, or a modification made to something to adjust to a new use or condition.

Attention Gains

Improvements in the ability to selectively concentrate on specific information while ignoring other distractions.

Weeks

Time units equivalent to seven days, used universally to organize and plan activities and events.

Attentiveness

The quality of paying close and continuous attention to something or someone.