Need help with this problem please Astro Co recently organiz

Need help with this problem please:

Astro Co. recently organized. The company issued no-par common stock to an attorney in exchange for his patent with a market value of $53,000. In addition, Astro Co. received cash for 3,500 shares of its $40 par preferred stock sold at par value and for 31,000 shares of its no-par common stock sold at $6 per share. Retained earnings at the end of the first year was $39,000 Requirement 1. Without making journal entries, determine the total paid-in capital created by these transactions The total paid-in capital created by these transactions amounts to $

Solution

total paid in capital Stock issued for patent 53,000 Cash received from preferred stock (3500*40) 140000 Issue of no par common stock (31000*6) 186000 Total paid in capital 379,000 answer