Measure paid-in capital of a corporation
Response to the following problem:
Campus Publishing was recently organized. The company issued common stock to an attorney who provided legal services worth $21,000 to help organize the corporation. Campus Publishing also issued common stock to an inventor in exchange for his patent with a market value of $67,000. In addition, Campus received cash both for the issuance of 2,000 shares of its preferred stock at $120 per share and for the issuance of 16,000 shares of its common shares at $6 per share. During the first year of operations, Campus Publishing earned net income of $68,000 and declared a cash dividend of $25,000. Without making journal entries, determine the total paid-in capital created by these transactions.