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Determine the total contributed capital amounted

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Problem - Cary Corporation has 50,000 shares of $10 par common stock authorized. The following transactions took place during 2019, the first year of the corporation's existence:

Sold 5,000 shares of common stock for $18 per share.

Issued 5,000 shares of common stock in exchange for a patent valued at $100,000.

At the end of Cary's first year, determine the total contributed capital amounted?

Reference no: EM132889046

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