Problem: Towson Corp., was organized on January 2, 2018. During the first year of operation, Towson issued 80,000 shares of $3 par value common stock at a price of $40 cash per share. On December 31, 2018, Towson reported Net Income of $250,000 and paid $50,000 cash dividends. Determine the dollar amounts that Towson will report on its yearend Balance Sheet for Paid in Capital Common Stock in Excess to par.
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