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Moretown Company Had the Following Transactions in 2014, Its First

question 105

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Moretown Company had the following transactions in 2014, its first year of operations.
• Issued 30,000 shares of common stock. Stock has par value of $1.00 per share and was issued at $18.00 Per share.
• Earned net income of $70,000.
• Paid no dividends.
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At the end of 2014, what is the total amount of Paid-in capital?

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Definitions:

Challenge

A task or situation that requires effort to overcome or accomplish.

Relaxation

The state of being free from tension and anxiety, often pursued through activities or techniques that reduce stress.

Worry

A state of anxiety or unease, often about future uncertainties.

Anxiety

A feeling of worry, nervousness, or unease about something with an uncertain outcome, often reflecting a certain level of fear about perceived threats.

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