Kinkaid Company was incorporated at the beginning of this year and had a number of...
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Accounting
Kinkaid Company was incorporated at the beginning of this year and had a number of transactions. The following journal entries impacted its stockholders equity during its first year of operations.
Transaction
General Journal
Debit
Credit
a.
Cash
290,000
Common Stock, $25 Par Value
235,000
Paid-In Capital in Excess of Par Value, Common Stock
55,000
b.
Organization Expenses
160,000
Common Stock, $25 Par Value
128,000
Paid-In Capital in Excess of Par Value, Common Stock
32,000
c.
Cash
45,500
Accounts Receivable
19,000
Building
82,200
Notes Payable
59,600
Common Stock, $25 Par Value
57,100
Paid-In Capital in Excess of Par Value, Common Stock
30,000
d.
Cash
136,000
Common Stock, $25 Par Value
77,000
Paid-In Capital in Excess of Par Value, Common Stock
59,000
Required:2. How many shares of common stock are outstanding at year-end? 3. What is the total paid-in capital at year-end?
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