Swifty Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock and 1,068.600 shares of no- par common stock. The corporation assigned a $2.60 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $130.000 Paid-in Capital in Excess of Par-Preferred Stock 14.000 Common Stock 1.068.600 Paid-in Capital in Ecess of Stated Value-Common Stock 2.219,400 Treasury Stock (1.160 common shares) 13,920 Paid-in Capital from Treasury Stock 1.740 Retained Earnings 84.000 The preferred stock was issued for land having a fair value of $144.000. All common stock issued was for cash. In November, 1740 shares of common stock were purchased for the treasury at a per share cost of $12. in December, 580 shares of treasury stock were sold for $15 per share. No dividends were declared in 2022

Swifty Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock and 1,068.600 shares of no- par common stock. The corporation assigned a $2.60 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $130.000 Paid-in Capital in Excess of Par-Preferred Stock 14.000 Common Stock 1.068.600 Paid-in Capital in Ecess of Stated Value-Common Stock 2.219,400 Treasury Stock (1.160 common shares) 13,920 Paid-in Capital from Treasury Stock 1.740 Retained Earnings 84.000 The preferred stock was issued for land having a fair value of $144.000. All common stock issued was for cash. In November, 1740 shares of common stock were purchased for the treasury at a per share cost of $12. in December, 580 shares of treasury stock were sold for $15 per share. No dividends were declared in 2022

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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Post these transaction to T account .