24 Mar Yippee Corp. has recently organized. The company i
Yippee Corp. has recently organized. The company issued common shares to a lawyer who provided legal services worth $7,500 to help organize the corporation. It issued common shares to another person in exchange for his patent with a market value of $50,000. In addition, Yippee Corp. received cash both for 2,500 of its $1.50 preferred shares at $20.00 per share and for 35,000 of its common shares at $12.50 per share. Without making journal entries, determine the total contributed capital created by these transactions.
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