Swifty Corporations charter authorized 2 million shares of $14 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: 250,000 common shares were issued for $3.75 million and 9,000 preferred shares were issued for machinery valued at $1,263,000. Subscriptions for 11,900 common shares have been taken, and 40% of the subscription price of $20 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 $19 and retired. The Retained Earnings balance is $190,000 before considering the transactions above. |