Selected Stock Transactions The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 2% Stock, $200 par (70,000 shares authorized, 35,000 shares issued) $7,000,000 Paid-In Capital in Excess of Par-Preferred Stock 840,000 Common Stock, $25 par (700,000 shares authorized, 200,000 shares issued) 5,000,000 Paid-In Capital in Excess of Par-Common Stock 650,000 Retained Earnings 28,599,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 70,000 shares of common stock at $29, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $216. c. Purchased 42,000 shares of treasury common for $27 per share. d. Sold 21,000 shares of treasury common for $30 per share. e. Sold 14,000 shares of treasury common for $25 per share. f. Declared cash dividends of $4.00 per share on preferred stock and $0.06 per share on common stock. 9. Paid the cash dividends.

Selected Stock Transactions The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 2% Stock, $200 par (70,000 shares authorized, 35,000 shares issued) $7,000,000 Paid-In Capital in Excess of Par-Preferred Stock 840,000 Common Stock, $25 par (700,000 shares authorized, 200,000 shares issued) 5,000,000 Paid-In Capital in Excess of Par-Common Stock 650,000 Retained Earnings 28,599,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 70,000 shares of common stock at $29, receiving cash. b. Issued 18,000 shares of preferred 2% stock at $216. c. Purchased 42,000 shares of treasury common for $27 per share. d. Sold 21,000 shares of treasury common for $30 per share. e. Sold 14,000 shares of treasury common for $25 per share. f. Declared cash dividends of $4.00 per share on preferred stock and $0.06 per share on common stock. 9. Paid the cash dividends.

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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