Permabilt Corporation was incorporated on January 1, 2022, and issued the following stock for cash 1.900.000 shares of no-par common stock were authorized: 290.000 shares were issued on January 1, 2022, at $33 per share . 382.000 shares of $110 par value, 10.00% cumulative, preferred stock were authorized: 145,000 shares were issued on January 1, 2022, at $139 per share. No dividends were declared or paid during 2022 or 2023. However on December 22, 2024. the board of directors of Permabilt Corporation declared dividends of $6.280.000, payable on February 12, 2025, to holders of record as of January 8, 2025. Required: 1. Use the horizontal model for the issuance of common stock and preferred stock on January 1, 2022. Indicate the financial statement effect 2. Use the horizontal model for the declaration of dividends on December 22, 2024. Indicato the financial statement effect 3. Use the horizontal model for the payment of dividends on February 12. 2025 Indicate the financial statement effect Complete this gation by entering your answers in the tabs below.
Permabilt Corporation was incorporated on January 1, 2022, and issued the following stock for cash 1.900.000 shares of no-par common stock were authorized: 290.000 shares were issued on January 1, 2022, at $33 per share . 382.000 shares of $110 par value, 10.00% cumulative, preferred stock were authorized: 145,000 shares were issued on January 1, 2022, at $139 per share. No dividends were declared or paid during 2022 or 2023. However on December 22, 2024. the board of directors of Permabilt Corporation declared dividends of $6.280.000, payable on February 12, 2025, to holders of record as of January 8, 2025. Required: 1. Use the horizontal model for the issuance of common stock and preferred stock on January 1, 2022. Indicate the financial statement effect 2. Use the horizontal model for the declaration of dividends on December 22, 2024. Indicato the financial statement effect 3. Use the horizontal model for the payment of dividends on February 12. 2025 Indicate the financial statement effect Complete this gation by entering your answers in the tabs below.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Permabilt Corporation was incorporated on January 1, 2022, and issued the following stock for caste
1.900,000 shares of no-par common stock were authorized: 290.000 shares were issued on January 1, 2022. at $33
per share.
. 382.000 shares of $110 par value, 10.00% cumulative, preferred stock wore authorized: 145,000 shores were issued on
January 1, 2022, at $139 per share.
• No dividends were declared or paid during 2022 or 2023. However, on December 22, 2024, the board of directors of
Permabilt Corporation declared dividends of $6,280,000, payable on February 12, 2025, to holders of record as of
January 8, 2025.
Required:
1. Use the horizontal model for the issuance of common stock and preferred stock on January 1, 2022. indicate the financial statement
effect
2. Use the horizontal model for the declaration of dividends on December 22, 2024, Indicate the financial statement effect
3. Use the horizontal model for the payment of dividends on February 12, 2025. Indicate the financial statement effect
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Required 3
Use the horizontal model for the issuance of common stock and preferred stock on January 1, 2022. Indicate the financial statement effect
Note: Enter decreases with a minus sign to indicate a negative financial statement effect.
Balance Sheet
Lisbites
Stockbcoders Equity
het income
incomm
Revenues
J
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