Question
The ledger of Giffin Corporation at December 31, 2014, after the books have been closed, contains the following stockholders' equity accounts. Preferred Stock (10,000 shares
The ledger of Giffin Corporation at December 31, 2014, after the books have been closed, contains the following stockholders' equity accounts.
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A review of the accounting records reveals the following.
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Instructions
| 1 Reproduce the Retained Earnings account (T-account) for 2014. |
| 2 Prepare a retained earnings statement for 2014. |
| 3 Prepare a stockholders' equity section at December 31, 2014. Total stockholders' equity $7,140,000 |
| 4 Compute the allocation of the cash dividend to preferred and common stock. |
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