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Paden City reported the following information at December 31: Preferred Stock, $2.00 par, 10,000 shares authorized $ 5,400 Additional paid-in capital - preferred stock 4,995 Common stock, $1.00 par, 6,000 shares authorized 1,800 Additional paid-in capital - common stock 4,350 Retained earnings 8, 500 Treasury stock, at cost of $4 per share (1,000) Total $24,045 Paden City's common stock was selling for $12 per share at year end. If the company declares a 10% common stock dividend, what will be the amount of total shareholders' equity at year end? Select one: A. $5,400 B . $15,950 C. $15,500 D. $24,045

Paden City reported the following information at December 31: Preferred Stock, $2.00 par, 10,000 shares authorized $ 5,400 Additional paid-in capital - preferred stock 4,995 Common stock, $1.00 par, 6,000 shares authorized 1,800 Additional paid-in capital - common stock 4,350 Retained earnings 8, 500 Treasury stock, at cost of $4 per share (1,000) Total $24,045 Paden City's common stock was selling for $12 per share at year end. If the company declares a 10% common stock dividend, what will be the amount of total shareholders' equity at year end? Select one: A. $5,400 B . $15,950 C. $15,500 D. $24,045

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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Paden City reported the following information at December 31: Preferred Stock, $2.00 par, 10,000 shares authorized $5,400 Additional paid-in capital - preferred stock 4,995 Common stock, $1.00 par, 6,000 shares authorized 1,800 Additional paid-in capital - common stock 4,350 Retained earnings 8,500 Treasury stock, at cost of $4 per share (1,000) Total $24,045 Paden City's common stock was selling for $12 per share at year-end. If the company declares a 10% common stock dividend, what will be the amount of total shareholders' equity at year-end? Select one: A. $ 5,400 B . $15,950 C. $15,500 D. $24,045
Transcribed Image Text:Paden City reported the following information at December 31: Preferred Stock, $2.00 par, 10,000 shares authorized $5,400 Additional paid-in capital - preferred stock 4,995 Common stock, $1.00 par, 6,000 shares authorized 1,800 Additional paid-in capital - common stock 4,350 Retained earnings 8,500 Treasury stock, at cost of $4 per share (1,000) Total $24,045 Paden City's common stock was selling for $12 per share at year-end. If the company declares a 10% common stock dividend, what will be the amount of total shareholders' equity at year-end? Select one: A. $ 5,400 B . $15,950 C. $15,500 D. $24,045
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