Question
Can you please help correct the mistakes: Martinez Corporations charter authorized 2 million shares of $13 par value common shares, and 400,000 shares of 9%
Can you please help correct the mistakes:
Martinez Corporations charter authorized 2 million shares of $13 par value common shares, and 400,000 shares of 9% cumulative and non-participating preferred shares, with a par value of $100 per share. The corporation made the following share transactions through December 31, 2020: 310,000 common shares were issued for $4.65 million and 9,000 preferred shares were issued for machinery valued at $1,454,000. Subscriptions for 11,200 common shares have been taken, and 25% of the subscription price of $19 per share has been collected. The shares will be issued upon collection of the subscription price in full. In addition, 10,000 common shares have been repurchased for $18 and retired. The Retained Earnings balance is $230,000 before considering the transactions above.
ITAL ULUT Partial Statement of Financial Position December 31, 2020 areholders' Equity tre Capital ferred Shares $ 1,000,000 nmon Shares 3,900.000 nmon Shares Subscribed 145,600 al Common Shares issued and to be issued 4,045,600 al Share Capital 5,045,600 Itributed Surplus al Paid-in Capital 1091200 ained Earnings 230,000 al Paid-in Capital and Retained Earnings 6366800 s : Share Subscriptions Receivable (159,600) al Shareholders' Equity $ 6,207,200 Martinez Corporation Partial Statement of Financial Position December 31, 2020 areholders' Equity are Capital referred Shares $ 1,000,000 ommon Shares $ 3,900,000 ommon Shares Subscribed 145,600 al Common Shares issued and to be issued 4,045,600 al Share Capital 5,045,600 atributed Surplus al Paid-in Capital and Retained Earnings is : Share Subscriptions Receivable otal Shareholders' Equity $ 6,207,200 eTextbook and Media Assistance UsedStep by Step Solution
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