Question - Alpha Corp was organized on January 2, 2018. During the first year of operation, alpha issued 100,000 shares of $1 par value common stock at a price of $50 cash per share. On December 31, 2018, alpha reported net income of $250,000 and paid $50,000 cash dividends. Use this information to determine the dollar amounts that alpha will report on its yearend balance sheet:
1. Common stock
2. Paid in capital common stock in excess to par
3. Retained earnings