Zigma Corporation Is Authorized to Issue 2,000,000 Shares of $4

question 33

Multiple Choice

Zigma Corporation is authorized to issue 2,000,000 shares of $4 par value capital stock.The corporation issued half the stock for cash at $8 per share,earned $336,000 during the first three months of operation,and declared a cash dividend of $60,000.The total paid-in capital of Zigma Corporation after three months of operation is:

• A)$7,940,000.
• B)$8,000,000.
• C)$8,276,000.
• D)$8,336,000.

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Definitions:

Transfer Of Possession

The act of moving control or ownership of an asset from one party to another.

Bailee

A Bailee is a person or entity that has temporary possession of someone else's property under a bailment agreement.

Bailor

A bailor is a person or entity that entrusts their property to another (the bailee) under a bailment agreement, where the property is to be returned or otherwise disposed of according to the bailment terms.

Bailee Liability

The legal responsibility of a bailee, someone temporarily holding property for another, for damage or loss of the property.