Current Attempt in Progress The stockholders' equity accounts of Culver Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, 11,000 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) Feb. Apr. 14 Sept. 3 Nov. 10 $400,000 1,200,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. 1 Issued 24,000 shares of common stock for $116,000. Dec. 31 135,000 1,500,000 1,850,000 55,000 Sold 6,000 shares of treasury stock-common for $32,900. Issued 5,200 shares of common stock for a patent valued at $35,700. Purchased 1,000 shares of common stock for the treasury at a cost of $5,700. Determined that net income for the year was $415,000.
Current Attempt in Progress The stockholders' equity accounts of Culver Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, 11,000 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) Feb. Apr. 14 Sept. 3 Nov. 10 $400,000 1,200,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. 1 Issued 24,000 shares of common stock for $116,000. Dec. 31 135,000 1,500,000 1,850,000 55,000 Sold 6,000 shares of treasury stock-common for $32,900. Issued 5,200 shares of common stock for a patent valued at $35,700. Purchased 1,000 shares of common stock for the treasury at a cost of $5,700. Determined that net income for the year was $415,000.
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter12: Statement Of Stockholders’ Equity (stockeq)
Section: Chapter Questions
Problem 3R: Chen Corporation began 2012 with the following stockholders equity balances: The following selected...
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