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The following is the shareholders' equity section of Concord Corp. at December 31, 2023: Preferred shares,ª authorized 110,000 shares; issued 27,000 shares Common shares (unlimited authorized, 55,000 issued) Contributed surplus Total paid-in capital Retained earnings Total shareholders' equity (c) $945,000 1,375,000 Account Titles and Explanation 110,000 2,430,000 2,714,600 a The preferred shares have a $2 dividend rate, are cumulative, and participate in distributions in excess of a $3 dividend on the common shares. $5,144,600 The company decides instead to acquire and cancel 10,500 common shares at the current fair value of $45 per share. Prepare the entry to record the retirement, assuming the contributed surplus balance arose from previous cancellations of common shares. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit III Credit

The following is the shareholders' equity section of Concord Corp. at December 31, 2023: Preferred shares,ª authorized 110,000 shares; issued 27,000 shares Common shares (unlimited authorized, 55,000 issued) Contributed surplus Total paid-in capital Retained earnings Total shareholders' equity (c) $945,000 1,375,000 Account Titles and Explanation 110,000 2,430,000 2,714,600 a The preferred shares have a $2 dividend rate, are cumulative, and participate in distributions in excess of a $3 dividend on the common shares. $5,144,600 The company decides instead to acquire and cancel 10,500 common shares at the current fair value of $45 per share. Prepare the entry to record the retirement, assuming the contributed surplus balance arose from previous cancellations of common shares. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit III Credit

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 following is the shareholders' equity section of Concord Corp. at December 31, 2023: Preferred shares,a authorized 110,000 shares; issued 27,000 shares Common shares (unlimited authorized, 55,000 issued) Contributed surplus Total paid-in capital Retained earnings Total shareholders' equity (c) $945,000 1,375,000 Account Titles and Explanation 110,000 2,430,000 2,714,600 a The preferred shares have a $2 dividend rate, are cumulative, and participate in distributions in excess of a $3 dividend on the common shares. $5,144,600 The company decides instead to acquire and cancel 10,500 common shares at the current fair value of $45 per share. Prepare the entry to record the retirement, assuming the contributed surplus balance arose from previous cancellations of common shares. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit
Transcribed Image Text:The following is the shareholders' equity section of Concord Corp. at December 31, 2023: Preferred shares,a authorized 110,000 shares; issued 27,000 shares Common shares (unlimited authorized, 55,000 issued) Contributed surplus Total paid-in capital Retained earnings Total shareholders' equity (c) $945,000 1,375,000 Account Titles and Explanation 110,000 2,430,000 2,714,600 a The preferred shares have a $2 dividend rate, are cumulative, and participate in distributions in excess of a $3 dividend on the common shares. $5,144,600 The company decides instead to acquire and cancel 10,500 common shares at the current fair value of $45 per share. Prepare the entry to record the retirement, assuming the contributed surplus balance arose from previous cancellations of common shares. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit
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