Homestead Oil Corp. was incorporated on January 1, 2016, and issued the following stock for cash: 890,000
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Homestead Oil Corp. was incorporated on January 1, 2016, and issued the following stock for cash:
890,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2016, at $20.00 per share.
210,000 shares of $100 par value, 7.50% cumulative, preferred stock were authorized, and 67,000 shares were issued on January 1, 2016, at $140 per share.
Net income for the years ended December 31, 2016 and 2017, was $1,270,000 and $2,630,000, respectively.
No dividends were declared or paid during 2016. However, on December 28, 2017, the board of directors of Homestead declared dividends of $1,870,000, payable on February 12, 2018, to holders of record as of January 19, 2018.
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