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Calculating Total Paid-In Capital

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Sharp Corporation has 150,000 shares of $10 par common stock authorized. The following transactions took place during 2013, the first year of the corporation's existence:

Sold 15,000 shares of common stock for $15 per share
Issued 10,000 shares of common stock in exchange for legal services valued at $160,000
At the end of Sharp's first year, total paid-in capital amounted to:

a. $385,000
b. $225,000
c. $160,000
d. $135,000

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Solution Summary

This solution calculates the total paid-in capital at the end of Sharp's first year.

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