Cheyenne Corp. was organized on January 1, 2017. It is authorized to issue 21,000 shares of 7%, $53 par value preferred stock and 454,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.
Issued 2,400 shares of preferred stock for cash at $56 per share.
Prepare the paid-in capital portion of the stockholders’ equity section at December 31, 2017.
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