Business, 17.12.2019 22:31 tay9625

Lidiot co. commenced its existence on january 1 of the current year. its articles of incorporation authorize the issuance of 1 million shares of $10 par value common stock. on february 1, it issued 200,000 shares for $2.5 million. on april 30, 8,000 shares were issued to a management consultant in exchange for services rendered. these services had a fair value of $120,000. on november 1, lidiot issued 40,000 shares for a plant site when the fair value of the stock was $17.50 per share. assuming that the foregoing were the only transactions affecting the paid-in capital accounts in the first year of lidiot’s operations, what was the balance of additional paid-in capital at year end?

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Lidiot co. commenced its existence on january 1 of the current year. its articles of incorporation a...

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