Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $80 par (100,000 shares authorized, 60,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: . Purchased 87,500 shares of treasury common for $8 per share. Sold 55,000 shares of treasury common for $11 per share. Issued 20,000 shares of preferred 2% stock at $84. . Issued 400,000 shares of common stock at $13, receiving cash. Sold 18,000 shares of treasury common for $7.50 per share. F. Declared cash dividends of $1.60 per share on preferred stock and $0.05 per share on common stock. . Paid the cash dividends. Required:
Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $80 par (100,000 shares authorized, 60,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: . Purchased 87,500 shares of treasury common for $8 per share. Sold 55,000 shares of treasury common for $11 per share. Issued 20,000 shares of preferred 2% stock at $84. . Issued 400,000 shares of common stock at $13, receiving cash. Sold 18,000 shares of treasury common for $7.50 per share. F. Declared cash dividends of $1.60 per share on preferred stock and $0.05 per share on common stock. . Paid the cash dividends. Required:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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