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A . The following accounts appear in the trial balance of Falcon Corporation as of December 3 1 , 2 0 2 2 : Direction:
A The following accounts appear in the trial balance of Falcon Corporation as of December :
Direction:
For each class of stock, compute the authorized number of shares, issued shares, unissued shares, issued
and outstanding shares, subscribed shares, still available for subscription, legal capital.
To continue with problem above, assume the following transactions took place during :
Jan. One half of the subscription receivable was collected and certificates of stock issued for
shares.
Remaining subscription was declared delinquent and the corresponding shares put up for public
auction. Advertising paid,
A bidder for shares paid the amount due plus accrued interest of and the corresponding
certificates were issued.
A stockholder received preferred shares with a market value of P in exchange for land
costing with a market value of
Feb. treasury shares were sold for
A stockholder paid for common shares.
preferred shares were redeemed at a price of per share.
Direction:
Prepare a table tracking down the movement of the stocks, one each for the preferred and
common. Start with the December balances.
Journal entries
Prepare the stockholders' equity section as of Feb.
For each class of stock, answer the same requirements as in A above.
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