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What amount cove report for additional paid-in capital

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Reference no: EM132773718

Problem 1: On July 1, 20X2, Cove Corp., a closely-held corporation, issued 6% bonds with a maturity value of $60,000, together with 1,000 shares of its $5 par value common stock, for a combined cash amount of $110,000. The market value of Cove's stock cannot be ascertained. If the bonds were issued separately, they would have sold for $40,000 on an 8% yield to maturity basis. What amount should Cove report for additional paid-in capital on the issuance of the stock?

A. $75,000

B. $65,000

C. $55,000

D. $45,000

Reference no: EM132773718

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