Mechforce, Incorporated had net income of $147,500 for the year ended December 31, 2022. At the beginning of the year, 15,000 shares of common stock were outstanding. On April 1, an additional 15,000 shares were issued. On October 1, the company purchased 4,000 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Mechforce paid the annual dividend on the 7,000 shares of 3.20%, $100 par value preferred stock that were outstanding the entire year.
Mechforce, Incorporated had net income of $147,500 for the year ended December 31, 2022. At the beginning of the year, 15,000 shares of common stock were outstanding. On April 1, an additional 15,000 shares were issued. On October 1, the company purchased 4,000 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Mechforce paid the annual dividend on the 7,000 shares of 3.20%, $100 par value preferred stock that were outstanding the entire year.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Mechforce, Incorporated had net income of $147,500 for the year ended December 31, 2022. At the beginning of the
year, 15,000 shares of common stock were outstanding. On April 1, an additional 15,000 shares were issued. On
October 1, the company purchased 4,000 shares of its own common stock and held them as treasury stock until the
end of the year. No other changes in common shares outstanding occurred during the year. During the year, Mechforce
paid the annual dividend on the 7,000 shares of 3.20%, $100 par value preferred stock that were outstanding the
entire year.
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