The articles of incorporation for Western Data Logistics (Western) authorized the company to issue 10 million $1 par common shares and 2 million $40 par preferred shares. During its first year of operations, Western had the following equity-related transactions. January 1 February 5 Issued 3 million common shares for $6 per share Issued 1 million preferred shares for $42 per share March 10 Repurchased 1 million common shares as treasury stock for $10 per share Resold 500,000 treasury stock shares for $12 per share Declared a 10% stock dividend on common shares when the market price March 28 April 1 of a common share was $15 per share December 31 Declared a 2-for-1 stock split on preferred shares What amount of total Paid-in Capital would Western show on the balance sheet at December 31? Multiple Choice $64,750,000 $63,750,000 O $61,000,000 O $60,000,000

The articles of incorporation for Western Data Logistics (Western) authorized the company to issue 10 million $1 par common shares and 2 million $40 par preferred shares. During its first year of operations, Western had the following equity-related transactions. January 1 February 5 Issued 3 million common shares for $6 per share Issued 1 million preferred shares for $42 per share March 10 Repurchased 1 million common shares as treasury stock for $10 per share Resold 500,000 treasury stock shares for $12 per share Declared a 10% stock dividend on common shares when the market price March 28 April 1 of a common share was $15 per share December 31 Declared a 2-for-1 stock split on preferred shares What amount of total Paid-in Capital would Western show on the balance sheet at December 31? Multiple Choice $64,750,000 $63,750,000 O $61,000,000 O $60,000,000

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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