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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
Alpha Co. is paying a $.64 per share dividend today. There are 158,000 shares outstanding with a par value of $1 per share. As a
muminat

Answer:

Dividend paid = $0.64 x 158,000 = $101,120. The dividend paid reduces retained earnings by $101,120.

The correct answer is C

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A man aged 40 wishes to accumulate a fund for retirement by depositing $1,000 at the beginning of each year for 25 years. Strati
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rate         0.04

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C  $ 31.468

7 0
3 years ago
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