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The stockholders' equity accounts of Pina Colada Corp. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized) Common Stock ($1 stated value, 2,050,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings $375,000 1,150,000 115,000 1,450,000 1,800,000

The stockholders' equity accounts of Pina Colada Corp. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized) Common Stock ($1 stated value, 2,050,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings $375,000 1,150,000 115,000 1,450,000 1,800,000

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 stockholders' equity accounts of Pina Colada Corp. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized) k Common Stock ($1 stated value, 2,050,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,000 common shares) Feb. Apr. 14 Sept. 3 $ 375,000 1,150,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Nov. 10 115,000 Dec. 31 1,450,000 1,800,000 1 Issued 25,500 shares of common stock for $120,000. Sold 6,000 shares of treasury stock-common for $32,700. Issued 4,700 shares of common stock for a patent valued at $35,000. Purchased 1,100 shares of common stock for the treasury at a cost of $6,000. Determined that net income for the year was $465,000. 40,000
Transcribed Image Text:The stockholders' equity accounts of Pina Colada Corp. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized) k Common Stock ($1 stated value, 2,050,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,000 common shares) Feb. Apr. 14 Sept. 3 $ 375,000 1,150,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Nov. 10 115,000 Dec. 31 1,450,000 1,800,000 1 Issued 25,500 shares of common stock for $120,000. Sold 6,000 shares of treasury stock-common for $32,700. Issued 4,700 shares of common stock for a patent valued at $35,000. Purchased 1,100 shares of common stock for the treasury at a cost of $6,000. Determined that net income for the year was $465,000. 40,000
Show Transcribed Text eTextbook and Media Pina Colada Corp. Balance Sheet (Partial) S c
Transcribed Image Text:Show Transcribed Text eTextbook and Media Pina Colada Corp. Balance Sheet (Partial) S c
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