A firm has $800,000 in paid-in-capital, retained earnings of $40,000 (including the current year's earnings), and $25,000 shares of common stock outstanding. In the current year, it has $29,000 of earnnings available for common stockholders. a.
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On January 15, Pinkney, Inc., issued 10,000 shares of $10 par value common stock in exchange for land and a building. Five years ago, the stockholder purchased the land for $40,000 and constructed the building at a cost of $90,000.
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