Pearl City Corporation, a publicly traded company, is authorized to issue 213,000 $4 noncumulative preferred shares and an unlimited number of common shares. On January 1, 2021, the general ledger contained the following shareholders' equity accounts: Preferred shares (8,800 shares issued) Common shares (72,100 shares issued) Contributed surplus Retained earnings Accumulated other comprehensive income 99 6 27 The following equity transactions occurred in 2021: Feb. 6 Issued 9.200 preferred shares for $542,800. Apr. Issued 20,600 common shares for $587,100. Repurchased and retired 2,800 common shares at $17 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years. Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, payable July 1. May 29 Aug. 22 Dec. 14 $475,200 1.081.500 31 24,200 828,000 10.400 Issued 9,800 common shares in exchange for a building. At the time of the exchange, the building was valued at $164,800 and the common shares at $151,000. The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. Net income for the year was $634,000. چلے
Pearl City Corporation, a publicly traded company, is authorized to issue 213,000 $4 noncumulative preferred shares and an unlimited number of common shares. On January 1, 2021, the general ledger contained the following shareholders' equity accounts: Preferred shares (8,800 shares issued) Common shares (72,100 shares issued) Contributed surplus Retained earnings Accumulated other comprehensive income 99 6 27 The following equity transactions occurred in 2021: Feb. 6 Issued 9.200 preferred shares for $542,800. Apr. Issued 20,600 common shares for $587,100. Repurchased and retired 2,800 common shares at $17 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years. Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, payable July 1. May 29 Aug. 22 Dec. 14 $475,200 1.081.500 31 24,200 828,000 10.400 Issued 9,800 common shares in exchange for a building. At the time of the exchange, the building was valued at $164,800 and the common shares at $151,000. The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. Net income for the year was $634,000. چلے
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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