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The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 1% Stock, $50 par (100,000
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 1% Stock, $50 par (100,000 shares authorized, 75,100 shares issued) $3,755,000 Paid-In Capital in Excess of ParPreferred Stock 165,220 Common Stock, $3 par (5,000,000 shares authorized, 2,020,000 shares issued) 6,060,000 Paid-In Capital in Excess of ParCommon Stock 1,212,000 Retained Earnings 35,446,000
During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 519,600 shares of common stock at $8, receiving cash. b. Issued 10,800 shares of preferred 1% stock at $61. c. Purchased 46,400 shares of treasury common for $8 per share. d. Sold 20,800 shares of treasury common for $10 per share. e. Sold 5,600 shares of treasury common for $7 per share. f. Declared cash dividends of $0.50 per share on preferred stock and $0.10 per share on common stock. g. Paid the cash dividends.
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:
| Preferred 1% Stock, $50 par (100,000 shares authorized, 75,100 shares issued) | $3,755,000 |
| Paid-In Capital in Excess of ParPreferred Stock | 165,220 |
| Common Stock, $3 par (5,000,000 shares authorized, 2,020,000 shares issued) | 6,060,000 |
| Paid-In Capital in Excess of ParCommon Stock | 1,212,000 |
| Retained Earnings | 35,446,000 |
During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows:
| a. | Issued 519,600 shares of common stock at $8, receiving cash. |
| b. | Issued 10,800 shares of preferred 1% stock at $61. |
| c. | Purchased 46,400 shares of treasury common for $8 per share. |
| d. | Sold 20,800 shares of treasury common for $10 per share. |
| e. | Sold 5,600 shares of treasury common for $7 per share. |
| f. | Declared cash dividends of $0.50 per share on preferred stock and $0.10 per share on common stock. |
| g. | Paid the cash dividends. |
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Intermediate Accounting IFRS
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
3rd edition
1119372933, 978-1119372936
