Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Stockholder's Equity accounts of Aspen Corp. on December 31, 2018 were as follows: Preferred Stock (6%, $100 par, cumulative, 8000 authorized) $ 600,000 Common

image text in transcribed
image text in transcribed
image text in transcribed
The Stockholder's Equity accounts of Aspen Corp. on December 31, 2018 were as follows: Preferred Stock (6%, $100 par, cumulative, 8000 authorized) $ 600,000 Common Stock ($3 par, 1,500,000 authorized) 900,000 APIC - Preferred 90,000 APIC - Common 700,000 Retained Earnings 780,000 Treasury Stock- Common (59 cost) 45,000 During 2019 the corporation had the following transactions and events pertaining to its stockholders equity Mar. 21 Issued 20,000 shares of common stock in exchange for land. On the date of purchase the land had a fair market value of $210,000 and the stock was selling for sin per share. April 17 Sold 1,500 shares of treasury stock - common for $12 per share. Nov. 22 Purchased 700 shares of common stock for the treasury at a cost of $6,300. Dec. 31 Determined that net income for the year was $463,000. Dividends were declared and paid during December. These dividends included a $0.20 per share dividend to common stockholders of record as of December 12. Preferred dividends are one year in arrears What is the Total Contributed Capital as of December 31, 2019? O A. $2,508,200 O B. $2,510,000 C. $2,514,500 O D. $2,460,500 O E. $2,504,500 Determine total stockholder's equity as of December 31, 2019. O A. $3,570,040 OB. $3,571,940 O C. $3,580,040 OD. $3,584,540 O E. $3,620,540

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Xbrl Financial Reporting In The 21st Century

Authors: Bryan Bergeron

1st Edition

0471220779, 978-0471220770

More Books

Students also viewed these Accounting questions

Question

Compose the six common types of social business messages.

Answered: 1 week ago

Question

Describe positive and neutral messages.

Answered: 1 week ago