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Nance Corporation's December 31, 2017 balance sheet showed the following: 6% preferred stock, $20 par value, cumulative, 30,000 shares authorized; 20,000 shares issued Common stock, $10 par value, 3,000,000 shares authorized; 1,950,000 shares issued, 1,920,000 shares outstanding Paid-in capital in excess of par value - preferred stock Paid-in capital in excess of par value - common stock Retained earnings Treasury stock (30,000 shares) Nance's total paid-in capital was $47,960,000. $48,590,000. $47,330,000. $28,060,000 $ 400,000 19,500,000 60,000 28,000,000 9,650,000 630,000

Nance Corporation's December 31, 2017 balance sheet showed the following: 6% preferred stock, $20 par value, cumulative, 30,000 shares authorized; 20,000 shares issued Common stock, $10 par value, 3,000,000 shares authorized; 1,950,000 shares issued, 1,920,000 shares outstanding Paid-in capital in excess of par value - preferred stock Paid-in capital in excess of par value - common stock Retained earnings Treasury stock (30,000 shares) Nance's total paid-in capital was $47,960,000. $48,590,000. $47,330,000. $28,060,000 $ 400,000 19,500,000 60,000 28,000,000 9,650,000 630,000

FINANCIAL ACCOUNTING
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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Nance Corporation's December 31, 2017 balance sheet showed the following: 6% preferred stock, $20 par value, cumulative, 30,000 shares authorized; 20,000 shares issued Common stock, $10 par value, 3,000,000 shares authorized; 1,950,000 shares issued, 1,920,000 shares outstanding Paid-in capital in excess of par value - preferred stock Paid-in capital in excess of par value - common stock Retained earnings Treasury stock (30,000 shares) Nance's total paid-in capital was $47,960,000. $48,590,000. $47,330,000. $28,060,000 $ 400,000 19,500,000 60,000 28,000,000 9,650,000 630,000
Transcribed Image Text:Nance Corporation's December 31, 2017 balance sheet showed the following: 6% preferred stock, $20 par value, cumulative, 30,000 shares authorized; 20,000 shares issued Common stock, $10 par value, 3,000,000 shares authorized; 1,950,000 shares issued, 1,920,000 shares outstanding Paid-in capital in excess of par value - preferred stock Paid-in capital in excess of par value - common stock Retained earnings Treasury stock (30,000 shares) Nance's total paid-in capital was $47,960,000. $48,590,000. $47,330,000. $28,060,000 $ 400,000 19,500,000 60,000 28,000,000 9,650,000 630,000
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