Concord Corporation is authorized to issue 23,500 shares of $50 par value, 10% preferred stock and 130,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders' equity balances. Preferred Stock (10,500 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (63,500 shares) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During 2022, the following transactions occurred. Mar. 1 July Sept. Feb. 1 Issued 2,000 shares of preferred stock for land having a fair value of $127,000. Issued 1,300 shares of preferred stock for cash at $65 per share. 1 Issued 17,000 shares of common stock for cash at $7 per share. Issued 550 shares of preferred stock for a patent. The asking price of the patent was $28,000. Market price for the preferred stock was $70 and the fair value for the patent was indeterminable. Issued 8,500 shares of common stock for cash at $7.50 per share. Dec. 31 Net income for the year was $265,000. No dividends were declared. Dec. 1 $525,000 68,500 317,500 1 750,000 330,000

Concord Corporation is authorized to issue 23,500 shares of $50 par value, 10% preferred stock and 130,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders' equity balances. Preferred Stock (10,500 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (63,500 shares) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During 2022, the following transactions occurred. Mar. 1 July Sept. Feb. 1 Issued 2,000 shares of preferred stock for land having a fair value of $127,000. Issued 1,300 shares of preferred stock for cash at $65 per share. 1 Issued 17,000 shares of common stock for cash at $7 per share. Issued 550 shares of preferred stock for a patent. The asking price of the patent was $28,000. Market price for the preferred stock was $70 and the fair value for the patent was indeterminable. Issued 8,500 shares of common stock for cash at $7.50 per share. Dec. 31 Net income for the year was $265,000. No dividends were declared. Dec. 1 $525,000 68,500 317,500 1 750,000 330,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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