On January 1, 2021, Fire in the Hole Company showed the following alphabetical list of shareholders' equity items: Additional paid-in capital on common stock $140,000 Additional paid-in capital on preferred stock $8,000 Common stock, $10 par $100,000 Preferred stock, $100 par $60,000 Retained earnings $305,000 Accumulated other comprehensive income $19,000 During 2021, the following events occurred and were properly recorded by Fire in the Hole: 1. Fire in the Hole issued 2,000 shares of common stock for $35 per share. 2. Fire in the Hole issued 100 shares of preferred stock for $115 per share. 3. Fire in the Hole earned net income of $47,000. 4. Fire in the Hole reacquired 200 shares of its common stock as treasury stock at a cost of $25 per share. 5. Fire in the Hole paid a $5 per share dividend on the preferred stock and a $1.20 per share dividend on the common stock outstanding at the end of 2021. The total value of Fire in the Hole's Shareholders' Equity would be: O S743,700 O $738,700 O $748,700 O $719,700

On January 1, 2021, Fire in the Hole Company showed the following alphabetical list of shareholders' equity items: Additional paid-in capital on common stock $140,000 Additional paid-in capital on preferred stock $8,000 Common stock, $10 par $100,000 Preferred stock, $100 par $60,000 Retained earnings $305,000 Accumulated other comprehensive income $19,000 During 2021, the following events occurred and were properly recorded by Fire in the Hole: 1. Fire in the Hole issued 2,000 shares of common stock for $35 per share. 2. Fire in the Hole issued 100 shares of preferred stock for $115 per share. 3. Fire in the Hole earned net income of $47,000. 4. Fire in the Hole reacquired 200 shares of its common stock as treasury stock at a cost of $25 per share. 5. Fire in the Hole paid a $5 per share dividend on the preferred stock and a $1.20 per share dividend on the common stock outstanding at the end of 2021. The total value of Fire in the Hole's Shareholders' Equity would be: O S743,700 O $738,700 O $748,700 O $719,700

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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