Question - Bagwell's net income for the year ended December 31, Year 2 was $185,000. Information from Bagwell's comparative balance sheets is given below. Compute the cash received from the sale of its common stock during Year 2.
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At December 31
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Year 2
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Year 1
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Common Stock, $5 par value
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$500,000
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$450,000
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Paid-in capital in excess of par
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948,000
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853,000
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Retained earnings
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688,000
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582,000
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