Kerwin Packaging Corporation Began Business in 2013 by Issuing 40,000

Multiple Choice

Kerwin Packaging Corporation began business in 2013 by issuing 40,000 ordinary shares with a $5 par for $8 per share and 10,000 preference shares of 6%, $10 par at par. At year end, the common share had a market value of $10. On its December 31, 2014, statement of financial position, Kerwin Packaging would report

A) Share Capital-Ordinary of $400,000.
B) Share Capital-Ordinary of $200,000.
C) Share Capital-Ordinary of $320,000.
D) Share Premium-Ordinary of $200,000.