Assume the a corporation has the following balances before the stock issuance indicated below.
Stockholders Equity
Before Transaction
Common stock, 30,000 shares authorized, 2,200 shares issued, 1,980shares outstanding, $10 par value. $22,000
Contributed capital in excess of par value, Common Stock $110,000
The corporation issues 170 additional shares of common stock for $120 per share.
1. How much cash did the corporation receive? _______________
2. What is the balance in "Contributed capital in excess of par, Common Stock " account AFTER this transaction has been recorded? _______________