Jordan’s net income for the year ended December 31, Year 2 was $205,000. Informa...
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Jordan’s net income for the year ended December 31, Year 2 was $205,000. Information from Jordan’s comparative balance sheets is given below. Compute the cash received from the sale of its common stock during Year 2.
| At December 31 | Year 2 | Year 1 |
|---|---|---|
| Common Stock, $5 par value | $ 520,000 | $ 468,000 |
| Paid-in capital in excess of par | 968,000 | 871,000 |
| Retained earnings | 708,000 | 600,000 |
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