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Concord Corp. completed the following transactions in 2014, the first year of operation: 1. Issued 28,000 shares of $20 par common stock for $30 per
Concord Corp. completed the following transactions in 2014, the first year of operation: |
1. | Issued 28,000 shares of $20 par common stock for $30 per share. |
2. | Issued 4,700 shares of $53 par, 6 percent, preferred stock at $55 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 $39 per share. |
5. | Later that year, issued a 2-for-1 split on the 29,400 shares of outstanding common stock. |
6. | Earned $256,300 of cash revenues and paid $133,700 of cash operating expenses. |
Record each of these events in a horizontal statements model and prepare the stockholders equity section of the balance sheet at the end of 2014.
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