Homework Answers
Legal capital is the par value of common stock as well as par value of preferred stock.
Number of common stock issued = 3000
Par value per common stock = $10
Total par value of common stock = Number of shares issued x Par value per common stock
= 3000 x $10 = $30000
Number of preferred stock issued = 5000
Par value per preferred stock = $20
Total par value of preferred stock = Number of shares issued x Par value per preferred stock
= 5000 x $20 = $100000
Legal capital = Total par value of common stock + Total par value of preferred stock
= $30000 + $100000 = $130000
So, legal capital raised from stock issuance is $130000.
Answer is b. $130,000.
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