68) Tomlinson Packaging Corporation began business in 2017 by issuing 54000 shares of $5 par common stock for $6 per share and 5400 shares of 8%, $10…

68)

Tomlinson Packaging Corporation began business in 2017 by issuing 54000 shares of $5 par common stock for $6 per share and 5400 shares of 8%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2017 balance sheet, Tomlinson Packaging would report

Paid-in Capital of $475200.