Multiple Choice
Tomlinson Packaging Corporation began business in 2020 by issuing 50,000 shares of $5 par common stock for $8 per share and 5,000 shares of 6%, $10 par preferred stock for par.At year-end, the common stock had a market value of $10.On its December 31, 2020 balance sheet, Tomlinson Packaging would report
A) Common Stock of $500,000.
B) Common Stock of $250,000.
C) Common Stock of $400,000.
D) Paid-in Capital of $330,000.
Correct Answer:
Verified
Correct Answer:
Verified
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