Travel Publishing was recently organized. The company issued common stock to an attorney who provided legal services worth $23,000 to help organize the corporation. Travel also issued common stock to an inventor in exchange for his patent with a market value of $82,000. In addition, Travel received cash both for the issuance of 2,000 shares of its preferred stock at $120 per share and for the issuance of 22,000 of its common shares at $1 per share. During the first year of operations, Travel earned net income of $50,000 and declared a cash dividend of $29,000. Without making journal entries, determine the total paid-in capital created by these transactions.View Solution:
Travel Publishing was recently organized The company issued com

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