Mercury Corporation issued 5,000 shares of no-par common stock for $20 per share. Mercury also issued 3,700 shares of $70 par, 6 percent noncumulative preferred stock at $80 per share. Required: Record these events in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA). investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. MERCURY CORPORATION Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Flow Stockholders' Equity Common Stock Revenue Expense - Net Income Assets Preferred PIC in Cash Event Stock Excess 1- Issue of CS 2 - Issue of PS
Mercury Corporation issued 5,000 shares of no-par common stock for $20 per share. Mercury also issued 3,700 shares of $70 par, 6 percent noncumulative preferred stock at $80 per share. Required: Record these events in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA). investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. MERCURY CORPORATION Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Flow Stockholders' Equity Common Stock Revenue Expense - Net Income Assets Preferred PIC in Cash Event Stock Excess 1- Issue of CS 2 - Issue of PS
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Mercury Corporation issued 5,000 shares of no-par common stock for $20 per share. Mercury also issued 3,700 shares of $70 par, 6
percent noncumulative preferred stock at $80 per share.
Required:
Record these events in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA).
investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank.
MERCURY CORPORATION
Horizontal Statements Model
Balance Sheet
Income Statement
Statement of Cash
Flow
Stockholders' Equity
Common
Stock
Revenue
Expense
- Net Income
Assets
Preferred
PIC in
Cash
Event
Stock
Excess
1- Issue of CS
2 - Issue of PS
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