Homework Answers
| Transaction | Date | General Journal | Debit | Credit |
| 1. | Jan. 1 | Cash | 240000 | - |
| Notes payable | - | 240000 | ||
| 2. | Dec. 31 | Notes payable | 30000 | - |
| Interest expense (240,000 X 12%) | 28800 | - | ||
| Cash | - | 58800 |
Total paid in capital is the face value of the shares.
= 40,000 X $1
= $40,000
Option D.
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