1. The trial balance of Houston Inc. includes the followi

1. The trial balance of Houston Inc. includes the following balances: Common Stock $28000; Paid-in Capital in Excess of Par $64000; Treasury Stock $6000; Preferred Stock $30000. Capital stock totals (Points : 2) $58000. $96000. $122000. $128000. contributed (paid-in) capital. fair value differences. retained earnings. debit to Paid-In Capital from Treasury Stock for $30000. debit to Treasury Stock for $70000. credit to Paid-In Capital from Treasury Stock for $30000. It may sue and be sued. The acts of its owners bind the corporation. It may enter into binding legal contracts in its own name. Paid-In Capital in Excess of Par will be credited for $20000. Paid-In Capital in Excess of Par will be credited for $120000. Cash will be debited for $120000. Common stock of $3750000. Total paid-in capital of $3725000. Total paid-in capital of $775000. number of shares issued are 60000. number of shares outstanding are 1360000. average price per share issued is $22.50. Legal Expense for $40000. Organization Expense for $10000. Organization Expense for $40000. market value method. par value method. stated value method. the entire proceeds are considered to be legal capital. there is no legal capital. the corporation is automatically in violation of its state charter.

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