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 (360000 Common Stock) 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 of the following: a. Preferred: $86,400, Common: $76,800 b. Preferred: $43,200 Common: $76,100 c. Preferred: $43,200 Common: $75,800 d. Preferred: $86,400 Common: $75,800 e. Preferred: $86,400 Common: $77,808
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 (360000 Common Stock) 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 of the following: a. Preferred: $86,400, Common: $76,800 b. Preferred: $43,200 Common: $76,100 c. Preferred: $43,200 Common: $75,800 d. Preferred: $86,400 Common: $75,800 e. Preferred: $86,400 Common: $77,808
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text: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 (360000 Common Stock)
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 of the following:
a. Preferred: $86,400, Common: $76,800
b. Preferred: $43,200 Common: $76,100
c. Preferred: $43,200 Common: $75,800
d. Preferred: $86,400 Common: $75,800
e. Preferred: $86,400 Common: $77,808
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