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omlinson Packaging Corporation began business in 2014 by issuing 30,000 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, 2014 balance sheet, Tomlinson Packaging would reporta. Common Stock of $300,000.b. Common Stock of $150,000.c. Common Stock of $240,000.d. Paid-in Capital of $200,000

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TomShelby

Answer:

b. Common Stock of $150,000.

Explanation:

the common stock will be valued at face value.

The company issued 30,000 shares at 5 dollars we multiply to get the total for common stock:

30,000 shares x 5 each = 150,000

as the company issued the shares at 8 then:

30,000 x 8 = 240,000 cash proceeds.

The additional paid-in will be the difference:

240,000 - 150,000 = 90,000 pain-incapital in excess of par value

this makes only B as correct.

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