During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. Issued 24,000 shares of common stock for $115,000. Apr. 14 Sold 5,500 shares of treasury stock-common for $32,000. Sept. 3 Issued 4,700 shares of common stock for a patent valued at $34,000. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of S$5,700. Determined that net income for the year was S400,000. Dec. 31 No dividenda were declared durine the Year.

During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. Issued 24,000 shares of common stock for $115,000. Apr. 14 Sold 5,500 shares of treasury stock-common for $32,000. Sept. 3 Issued 4,700 shares of common stock for a patent valued at $34,000. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of S$5,700. Determined that net income for the year was S400,000. Dec. 31 No dividenda were declared durine the Year.

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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