tequired information The following information applies to the questions displayed below.] Homestead Oil Corp. was incorporated on January 1, 2019, and issued the following stock for cash: 830,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2019, at $17.00 per share. 210,000 shares of S110 par value, 8.50% cumulative, preferred stock were authorized; 57,000 shares were issued on January 1, 2019, at $140 per share. Net income for the years ended December 31, 2019 and 2020 was $1,380,000 and $2,570,000, respectively. No dividends were declared or paid during 2019. However, on December 28, 2020, the board of directors of Homestead declared dividends of $1,750,000, payable on February 12, 2021, to holders of record as of January 19, 2021.
tequired information The following information applies to the questions displayed below.] Homestead Oil Corp. was incorporated on January 1, 2019, and issued the following stock for cash: 830,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2019, at $17.00 per share. 210,000 shares of S110 par value, 8.50% cumulative, preferred stock were authorized; 57,000 shares were issued on January 1, 2019, at $140 per share. Net income for the years ended December 31, 2019 and 2020 was $1,380,000 and $2,570,000, respectively. No dividends were declared or paid during 2019. However, on December 28, 2020, the board of directors of Homestead declared dividends of $1,750,000, payable on February 12, 2021, to holders of record as of January 19, 2021.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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