The following information is provided for Wolf Company:
?
Retained earnings$445,000
Preferred stock, 5%, $50 par100,000
Organization expense2,500
Additional paid-in capital on common stock?
Additional paid-in capital from recall of preferred stock2,500
Premium on bonds payable5,700
Common stock, $10 par350,000
?
If total contributed capital is $506,000, what is the amount of additional paid-in capital on common stock for Wolf Company?
A. $52,500
B. $51,000
C. $53,500
D. $56,700
Answer: C
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