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Urgent ABC Corp. was organized on Jan 1 , Year 1 . It was authorized to issue 100,000 shares of $1 par common stock and
Urgent
ABC Corp. was organized on Jan 1 , Year 1 . It was authorized to issue 100,000 shares of $1 par common stock and 20,000 shares of $10 par, 3\% cumulative preferred stock. ABC Corp issued the following shares of stock during Year 1 : 1. 50,000 shares of common stock for $8 per share 2. 2,000 shares of preferred stock for $25 per share. What is the value of ABC Corp's Common Stock Account on its Year 1 Baiance Sheet? $350,000 $100,000 $50,000 ABC Corp. was organized on Jan 1. Year 1. It was authorized to issue 100,000 shares of $1 par common stock and 20,000 shares of $10 par, 3\% cumulative preferred stock. ABC Corp issued the following shares of stock during Year 1 : 1. 50,000 shares of common stock for $8 per share 2. 2,000 shares of preferred stock for $25 per share. If ABC Corp pays a total of $1,000 in dividends at the end of Year 1 , what amount of this divideng will go to Preferred Stockholders? $600 $0 $200 $400 $1,000Step by Step Solution
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