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Please help, I can't figure out what I did wrong. Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Cheyenne Corp. on January 1,
Please help, I can't figure out what I did wrong.
Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Cheyenne Corp. on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,400 shares authorized) Common Stock ($4 stated value, 310,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stoclk Retained Earnings Treasury Stock (4,400 common shares) $264,000 1,033,33:3 13,200 496,000 683,500 35,200 During 2017, the corporation had the following transactions and events pertaining to its stockholders equity Feb. 1 Issued 4,620 shares of common stock for $32,340 Mar 20 Purchased 1,250 additional shares of common treasury stock at $8 per share Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1 Nov. 1 Paid the dividend declared on October 1 Dec. Declared a $0.85 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017 Dec. 31 Determined that net income for the year was $278,200. Paid the dividend declared on December 1Step by Step Solution
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