The Stockholders’ Equity accounts of ExxonMobil on December 31, 2022 were as follows: Preferred Stock ( 6% , $100 par, cumulative, 800 authorized) $720,000 Common Stock ( $3 par, 1,500,000 authorized) 1,080,000 APIC – Preferred Stock 108,000 APIC – Common Stock 840,000 Retained Earnings 936,000 Treasury Stock – Common ( $9 cost) 54,000 During 2023, ExxonMobil had the following transactions and events pertaining to its stockholders’ equity: March 21: Issued 24,000 shares of Common Stock in exchange for Land. On the date of purchase, the Land had a Fair Market Value of $252,000 and the stock was selling for $11 per share. April 17: Sold 1,800 shares of Treasury Stock – Common for $12 per share. November 22: Purchased 800 shares of Common Stock for the Treasury at a cost of $7,600. December 31: Determine that net income for the year was $555,600. 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: $86,400 Common: $76,800 b. Preferred: $86,400 Common: $75,800 c. Preferred: $43,200 Common: $75,800 d. Preferred: $86,400 Common: $77,808 e. Preferred: $43,200 Common: $76,100

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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Question

The Stockholders’ Equity accounts of ExxonMobil on December 31, 2022 were as follows:

Preferred Stock ( 6% , $100 par, cumulative, 800 authorized)	$720,000
Common Stock ( $3 par, 1,500,000 authorized)	1,080,000
APIC – Preferred Stock	108,000
APIC – Common Stock	840,000
Retained Earnings	936,000
Treasury Stock – Common ( $9 cost)	54,000

During 2023, ExxonMobil had the following transactions and events pertaining to its stockholders’ equity:

March 21: Issued 24,000 shares of Common Stock in exchange for Land. On the date of purchase, the Land had a Fair Market Value of $252,000 and the stock was selling for $11 per share.

April 17: Sold 1,800 shares of Treasury Stock – Common for $12 per share.

November 22: Purchased 800 shares of Common Stock for the Treasury at a cost of $7,600.

December 31: Determine that net income for the year was $555,600. 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: