AUBURN Corporation had 120,000 of ordinary shares issued and outstanding at January 1, 2021. On January 2 of the same year, the company issued 80,000 preference shares. During the year, the corporation declared and paid $420,000 cash dividend on the ordinary shares and $240,000 on the preference shares. Net income for the year was P1,500,000.
AUBURN Corporation had 120,000 of ordinary shares issued and outstanding at January 1, 2021. On January 2 of the same year, the company issued 80,000 preference shares. During the year, the corporation declared and paid $420,000 cash dividend on the ordinary shares and $240,000 on the preference shares. Net income for the year was P1,500,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:AUBURN Corporation had 120,000 of ordinary shares issued and outstanding at January 1, 2021. On
January 2 of the same year, the company issued 80,000 preference shares. During the year, the
corporation declared and paid $420,000 cash dividend on the ordinary shares and $240,000 on the
preference shares. Net income for the year was P1,500,000.
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