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lozanna [386]
3 years ago
14

Concord Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the fi

rst year of operations, the company had the following events and transactions pertaining to its preferred stock.
Feb. 1 Issued 52,500 shares for cash at $53 per share.
July 1 Issued 70,000 shares for cash at $59 per share.

Required:
Journalize the transactions.
Business
1 answer:
babunello [35]3 years ago
6 0

Answer:

FEB 1

Dr Cash $2,782,500

Cr Preferred stock $2,625,000

Cr APIC $157,500

JUL 1

Dr Cash $3,710,000

Cr Preferred stock $3,500,000

Cr APIC $210,000

Explanation:

Preparation of the journal entries

FEB 1

Dr Cash $2,782,500

(52,500 shares* $53 per shares)

Cr Preferred stock $2,625,000

(52,500 shares*$50per shares)

Cr APIC $157,500

($2,782,500-$2,625,000)

JUL 1

Dr Cash $3,710,000

(70,000 shares* $53 per shares)

Cr Preferred stock $3,500,000

(70,000 shares*$50per shares)

Cr APIC $210,000

($3,710,000-$3,500,000)

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6 0
2 years ago
On January 1, 2021, Algerian Delivery had 100,000 shares of common stock outstanding. The following transactions occurred during
defon

Answer:

Algerian Delivery's basic earnings per share for the year ended December 31, 2021 is $3.01

Explanation:

In order to calculate Algerian Delivery's basic earnings per share for the year ended December 31, 2021 we would have to make first the following calculations:

Net Income = $298,750

Calculation of Weighted Average of Number of Equity Shares:

Outstanding on Jan 1 = 100,000*12/12 = 100,000

Less: Treasury Stock 3,100*10/12 = (2,583)

Sold Treasury Shares 3,100*3/12 = 775

New Shares Sold 12100*1/12 = 1,008

Therefore, Weighted Average of Equity Shares during the year = 100,000  - 2,583 + 775 + 1,008 =99,200

Therefore, Basic Earnings per Share = Net Income/Weighted Average of Equity Shares outstanding during the year

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3 years ago
Match the items according to their impact on aggregate demand (AD).
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A recession occurring in a trading partners economy

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2 years ago
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2 years ago
Slow​ 'n Steady,​ Inc., has a stock price of $ 34​, will pay a dividend next year of $ 3.10​, and has expected dividend growth o
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Answer:

10.92%

Explanation:

The formula and the computation of the estimated cost of equity capital is shown below:

Stock price = Next year dividend ÷ (cost of equity - expected dividend growth rate)

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$34 = $3.10  ÷ (cost of equity - 1.8%)

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After solving this,

The cost of equity would be 10.92%

3 0
3 years ago
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