Question-based on, issuing shares. I have tried it and the incorrect are the last two, so it is either common stock 90,000 or paid-in capital of 420,000. Thanks for the help. SheffieldOrganics Corporation began business in 2021 by issuing 30000 shares of $3 par common stock for $9 per share and 12500shares of 7%, $10 par preferred stock for par. At year end, the common stock had a market value of $14. On its December 31, 2021balance sheet, Sheffield Packaging would reportO Common Stock of $90000.O Paid-In Capital of $42000O.Common Stock of $420000.O Common Stock of $270000.

Answered: SheffieldOrganics Corporation began…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 8MCQ

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Question-based on, issuing shares.

I have tried it and the incorrect are the last two, so it is either common stock 90,000 or paid-in capital of 420,000.

Thanks for the help.

SheffieldOrganics Corporation began business in 2021 by issuing 30000 shares of $3 par common stock for $9 per share and 12500
shares of 7%, $10 par preferred stock for par. At year end, the common stock had a market value of $14. On its December 31, 2021
balance sheet, Sheffield Packaging would report
O Common Stock of $90000.
O Paid-In Capital of $42000O.
Common Stock of $420000.
O Common Stock of $270000.

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The year end balance sheet will reflect the common stock at par value and additional paid-in capital for the excess price over the par value (if any). Similarly, the preferred stocks are reported on the balance sheet.

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