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Problem: A corporation was organized on January 1, 20x3, with the following authorized share capital:
17084 common shares, no par value
5138, $.05, cumulative preferred shares, no par value
During 20x3, the corporation issued 14150 common shares for $418754 and 4319 preferred shares at $28 per share. On December 20, 20x3, subscriptions for 1036 preferred shares were taken at a purchase price of $36. These subscribed shares were paid for on January 2, 20x4. How to calculate the total contributed capital on December 31, 20x3, balance sheet of this corporation?
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