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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.

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.

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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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 Preferred stock, $100 par Retained earnings Accumulated other comprehensive income $100,000 $60,000 $305,000 $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 $743,700 O$738,700 O $748,700 O $719.700
Transcribed Image Text: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 Preferred stock, $100 par Retained earnings Accumulated other comprehensive income $100,000 $60,000 $305,000 $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 $743,700 O$738,700 O $748,700 O $719.700
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