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Question - Poodle Corporation was organized on January 3, 2011. During 2011, Poodle had the following transactions relating to shareholders' equity:
Issued 30,000 shares of $5 par preferred stock at $7 per share.
Issued 20,000 shares of $1 par common stock at $8 per share.
Reported a net income of $100,000.
Paid dividends of $50,000.
What is total paid-in capital at the end of 2011?
Your paper should be 4 pages, summarizing: 1) what the company did, 2) why they did it, 3) what reported financial numbers were affected, and 4) the dollar amount by which the reported numbers were affected.
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