Moretown Company Had the Following Transactions in 2015, Its First

Multiple Choice

Moretown Company had the following transactions in 2015, its first year of operations. • Issued 30,000 shares of common stock. Stock has par value of $1.00 per share and was issued at $18.00 per share.
• Earned net income of $70,000.
• Paid no dividends.
At the end of 2015, what is the total amount of paid-in capital?

A) $30,000
B) $610,000
C) $540,000
D) $70,000