Question
13a. Homestead Oil Corp. was incorporated on January 1, 2013, and issued the following stock for cash: 820,000 shares of no-par common stock were authorized;
13a.
Homestead Oil Corp. was incorporated on January 1, 2013, and issued the following stock for cash: |
820,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2013, at $19.00 per share. | ||
260,000 shares of $110 par value, 9.00% cumulative, preferred stock were authorized, and 78,000 shares were issued on January 1, 2013, at $150 per share. | ||
Net income for the years ended December 31, 2013 and 2014, was $1,370,000 and $2,550,000, respectively. | ||
No dividends were declared or paid during 2013. However, on December 28, 2014, the board of directors of Homestead declared dividends of $1,580,000, payable on February 12, 2015, to holders of record as of January 19, 2015.
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started