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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. asset revaluations. contributed (paid-in) capital. fair value differences. retained earnings. credit to Treasury Stock for $100000. 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 buy own and sell property. 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. Common Stock will be credited for $140000. 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 $750000. Common stock of $3750000. Total paid-in capital of $3725000. Total paid-in capital of $775000. legal capital is $1360000. number of shares issued are 60000. number of shares outstanding are 1360000. average price per share issued is $22.50. Legal Expense for $10000. Legal Expense for $40000. Organization Expense for $10000. Organization Expense for $40000. cost method. market value method. par value method. stated value method. the par value is automatically $1 per share. 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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