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The Stockholders' Equity accounts of Exxon Mobil on December 31, 2022 were as follows: Preferred Stock (6%, $100 par, cumulative, 800,000 authorized) $480,000 Common Stock ($3 par, 1,500,000 authorized) APIC Preferred Stock APIC Common Stock Retained Earnings Treasury Stock - Common ($9 cost) 720,000 72,000 560,000 624,000 36,000 During 2023, ExxonMobil had the following transactions and events pertaining to its stockholders' equity: March 21: Issued 16,000 shares of Common Stock in exchange for Land. On the date of purchase, the Land had a Fair Market Value of $168,000 and the stock was selling for $11 per share. April 17: Sold 1,200 shares of Treasury Stock - Common for $12 per share. November 22: Purchased 600 shares of Common Stock for the Treasury at a cost of $5,000. December 31: Determine that net income for the year was $370,400. Dividends were declared and paid during December. These dividends included a $0.20 per share dividend to common stockholders of record as of December 12. Preferred dividends are one year in arrears. Determine the dividend for each class of stock: Select one: a. Preferred: $57,600 × Common: $51,200 b. Preferred: $57,600 Common: $51,872 C. Preferred: $28,800 Common: $50,500 d. Preferred: $28,800 Common: $50,200 e. Preferred: $57,600 Common: $50,520

The Stockholders' Equity accounts of Exxon Mobil on December 31, 2022 were as follows: Preferred Stock (6%, $100 par, cumulative, 800,000 authorized) $480,000 Common Stock ($3 par, 1,500,000 authorized) APIC Preferred Stock APIC Common Stock Retained Earnings Treasury Stock - Common ($9 cost) 720,000 72,000 560,000 624,000 36,000 During 2023, ExxonMobil had the following transactions and events pertaining to its stockholders' equity: March 21: Issued 16,000 shares of Common Stock in exchange for Land. On the date of purchase, the Land had a Fair Market Value of $168,000 and the stock was selling for $11 per share. April 17: Sold 1,200 shares of Treasury Stock - Common for $12 per share. November 22: Purchased 600 shares of Common Stock for the Treasury at a cost of $5,000. December 31: Determine that net income for the year was $370,400. Dividends were declared and paid during December. These dividends included a $0.20 per share dividend to common stockholders of record as of December 12. Preferred dividends are one year in arrears. Determine the dividend for each class of stock: Select one: a. Preferred: $57,600 × Common: $51,200 b. Preferred: $57,600 Common: $51,872 C. Preferred: $28,800 Common: $50,500 d. Preferred: $28,800 Common: $50,200 e. Preferred: $57,600 Common: $50,520

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 84PSB: Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following...
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The Stockholders' Equity accounts of Exxon Mobil on December 31, 2022 were as follows: Preferred Stock (6%, $100 par, cumulative, 800,000 authorized) $480,000 Common Stock ($3 par, 1,500,000 authorized) APIC Preferred Stock APIC Common Stock Retained Earnings Treasury Stock - Common ($9 cost) 720,000 72,000 560,000 624,000 36,000 During 2023, ExxonMobil had the following transactions and events pertaining to its stockholders' equity: March 21: Issued 16,000 shares of Common Stock in exchange for Land. On the date of purchase, the Land had a Fair Market Value of $168,000 and the stock was selling for $11 per share. April 17: Sold 1,200 shares of Treasury Stock - Common for $12 per share. November 22: Purchased 600 shares of Common Stock for the Treasury at a cost of $5,000. December 31: Determine that net income for the year was $370,400. Dividends were declared and paid during December. These dividends included a $0.20 per share dividend to common stockholders of record as of December 12. Preferred dividends are one year in arrears. Determine the dividend for each class of stock: Select one: a. Preferred: $57,600 × Common: $51,200 b. Preferred: $57,600 Common: $51,872 C. Preferred: $28,800 Common: $50,500 d. Preferred: $28,800 Common: $50,200 e. Preferred: $57,600 Common: $50,520
Transcribed Image Text:The Stockholders' Equity accounts of Exxon Mobil on December 31, 2022 were as follows: Preferred Stock (6%, $100 par, cumulative, 800,000 authorized) $480,000 Common Stock ($3 par, 1,500,000 authorized) APIC Preferred Stock APIC Common Stock Retained Earnings Treasury Stock - Common ($9 cost) 720,000 72,000 560,000 624,000 36,000 During 2023, ExxonMobil had the following transactions and events pertaining to its stockholders' equity: March 21: Issued 16,000 shares of Common Stock in exchange for Land. On the date of purchase, the Land had a Fair Market Value of $168,000 and the stock was selling for $11 per share. April 17: Sold 1,200 shares of Treasury Stock - Common for $12 per share. November 22: Purchased 600 shares of Common Stock for the Treasury at a cost of $5,000. December 31: Determine that net income for the year was $370,400. Dividends were declared and paid during December. These dividends included a $0.20 per share dividend to common stockholders of record as of December 12. Preferred dividends are one year in arrears. Determine the dividend for each class of stock: Select one: a. Preferred: $57,600 × Common: $51,200 b. Preferred: $57,600 Common: $51,872 C. Preferred: $28,800 Common: $50,500 d. Preferred: $28,800 Common: $50,200 e. Preferred: $57,600 Common: $50,520
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