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Capital Common Stock and Towson Corp Accounting Questions

Capital Common Stock and Towson Corp Accounting Questions

Question Description

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Towson Corp was organized on January 2, 2018. During the first year of operation, Towson issued 90,000 shares of $6 par value common stock at a price of $40 cash per share. On December 31, 2018, Towson reported Net Income of $250,000 and paid $50,000 cash dividends. Use this information to determine the dollar amounts that Towson will report on its yearend Balance Sheet for Paid in Capital Common Stock in Excess to par.