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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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The stockholders' equity accounts of Grouper Corp. on January 1, 2025, were as follows. Preferred Stock (7%, $100 par noncumulative, 8,500 shares authorized) Common Stock ($4 stated value, 510,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (8,500 common shares) Feb. 1 Mar. 20 Oct. 1 Nov. 1 $510,000 1,700,000 Dec. 1 25,500 816,000 1,169,600 During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity. 68,000 Issued 8,500 shares of common stock for $51,000. Purchased 1,700 additional shares of common treasury stock at $7 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2 Dec. 31 Determined that net income for the year was $477,000. Paid the dividend declared on December 1.
Transcribed Image Text:The stockholders' equity accounts of Grouper Corp. on January 1, 2025, were as follows. Preferred Stock (7%, $100 par noncumulative, 8,500 shares authorized) Common Stock ($4 stated value, 510,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (8,500 common shares) Feb. 1 Mar. 20 Oct. 1 Nov. 1 $510,000 1,700,000 Dec. 1 25,500 816,000 1,169,600 During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity. 68,000 Issued 8,500 shares of common stock for $51,000. Purchased 1,700 additional shares of common treasury stock at $7 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2 Dec. 31 Determined that net income for the year was $477,000. Paid the dividend declared on December 1.
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