Question
Concord Corp. completed the following transactions in 2014, the first year of operation: 1. Issued 16,000 shares of $18 par common stock for $27 per
Concord Corp. completed the following transactions in 2014, the first year of operation: |
1. | Issued 16,000 shares of $18 par common stock for $27 per share. | |||||||
2. | Issued 6,200 shares of $54 par, 7 percent, preferred stock at $56 per share. | |||||||
3. | Paid the annual cash dividend to preferred shareholders. | |||||||
4. | Issued a 5 percent stock dividend on the common stock. The market value at the dividend declaration date was $36 per share. | |||||||
5. | Later that year, issued a 2-for-1 split on the 16,800 shares of outstanding common stock. | |||||||
6. | Earned $254,800 of cash revenues and paid $137,500 of cash operating expenses.
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