Reference no: EM132571672
Question - Frieds Corp. was organized on January 1, 2020, with the following authorized share capital:
20,000 common shares, no par value
15,000, $.10, cumulative preferred shares, no par value
During 2020, the corporation issued 10,000 common shares for $700,000 and 10,000 preferred shares at $28 per share. On December 20, 2020, subscriptions for 1,000 preferred shares were taken at a purchase price of $30. These subscribed shares were paid for on January 2, 2021. What should Frieds report as total contributed capital on its December 31, 2020, balance sheet?
a. $1,130,000
b. $700,000
c. $280,000
d. $980,000
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