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The stockholders equity accounts of Miley Corporation on January 1, 2014, were as follows. Preferred Stock (6%, $100 par noncumulative, 4,500 shares authorized) $270,000 Common
The stockholders equity accounts of Miley Corporation on January 1, 2014, were as follows.
Preferred Stock (6%, $100 par noncumulative, 4,500 shares authorized) | $270,000 | |
Common Stock ($3 stated value, 311,300 shares authorized) | 747,120 | |
Paid-in Capital in Excess of Par ValuePreferred Stock | 10,800 | |
Paid-in Capital in Excess of Stated ValueCommon Stock | 249,040 | |
Retained Earnings | 693,000 | |
Treasury Stock(4,500 common shares) | 36,000 |
During 2014, the corporation had the following transactions and events pertaining to its stockholders equity.
Feb. 1 | Issued 5,200 shares of common stock for $36,400. | |
Mar. 20 | Purchased 1,400 additional shares of common treasury stock at $7 per share. | |
Oct. 1 | Declared a 6% cash dividend on preferred stock, payable November 1. | |
Nov. 1 | Paid the dividend declared on October 1. | |
Dec. 1 | Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2014. | |
Dec. 31 | Determined that net income for the year was $279,700. Paid the dividend declared on December 1. |
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