Castle, Inc had the following transactions in 2017, its first year of operations
• Issued 20,000 shares of common stock. The stock has a par value of $3.00 per share and was issued at $19.00 per share.
• Issued 2,000 shares of $200 par value preferred stock at par.
• Earned net income of $40,000.
• Paid no dividends.
At the end of 2017, what is the total amount of paid-in capital?
A) $820,000
B) $460,000
C) $380,000
D) $780,000
D .D)
Common stock (20,000 x $19 ) $380,000
Preferred stock (2,000 x $200 ) $400,000
Total paid-in capital $780,000
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