Moretown Company Had the Following Transactions in 2015, Its First

question 19

Multiple Choice

Moretown Company had the following transactions in 2015, 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.
At the end of 2015, what is the total amount of paid-in capital?

• A)$30,000
• B)$610,000
• C)$540,000
• D)$70,000

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