Question

Vaughn Corporation began business in 2020 by issuing 88000 shares of $5 par common stock for...

Vaughn Corporation began business in 2020 by issuing 88000 shares of $5 par common stock for $9 per share and 17000 shares of 9%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2020 balance sheet, Vaughn would report

Paid-In Capital of $655000.

Common Stock of $880000.

Common Stock of $440000.

Common Stock of $792000.
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