The amount that represents legal capital is $300,000 and the amount that represents total paid-in capital is $450,000.
The legal capital is the amount that is based on the par value or stated value of the common stock per share. For example, in this case, the par value per share is $12.
The legal capital is obtained as the sum of 25,000 shares x $12, which is $300,000. The difference of $150,000 ($450,000 - $300,000) is the additional paid-in capital.
Thus, the total amount of $450,000 is the recently issued total paid-in capital for Trainor Sports.
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The amounts that represent legal capital and total paid-in capital, respectively are: $300,000; $450,000.
a. Legal fees
Using this formula
Legal capital=Number of shares× Per value
Let plug in the formula
Legal capital=25,000×$12
Legal capital=$300,000
b. The total paid-in capital is $450,000 reason being that $12 par value common stock was issued at cost of $450,000.
Inconclusion the amounts that represent legal capital and total paid-in capital, respectively are: $300,000; $450,000.
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