Homework answers / question archive / Preferred Stock (7%, $100 par noncumulative, 6,000 shares authorized) $360,000Common Stock ($4 stated value, 360,000 shares authorized) 1,200,000Paid-in Capital in Excess of Par Value—Preferred Stock 18,000Paid-in Capital in Excess of Stated Value—Common Stock 576,000Retained Earnings 825,600Treasury Stock (6,000 common shares) 48,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity

Preferred Stock (7%, $100 par noncumulative, 6,000 shares authorized) $360,000Common Stock ($4 stated value, 360,000 shares authorized) 1,200,000Paid-in Capital in Excess of Par Value—Preferred Stock 18,000Paid-in Capital in Excess of Stated Value—Common Stock 576,000Retained Earnings 825,600Treasury Stock (6,000 common shares) 48,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity

Accounting

Share With

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Preferred Stock (7%, $100 par noncumulative, 6,000 shares authorized)

$360,000Common Stock ($4 stated value, 360,000 shares authorized)

1,200,000Paid-in Capital in Excess of Par Value—Preferred Stock

18,000Paid-in Capital in Excess of Stated Value—Common Stock

576,000Retained Earnings

825,600Treasury Stock (6,000 common shares)

48,000

During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity.

 

 

Feb.1

Issued 6,000 shares of common stock for $36,000.Mar.20

Purchased 1,200 additional shares of common treasury stock at $7 per share.Oct.1

Declared a 7% cash dividend on preferred stock, payable November 1.Nov.1

Paid the dividend declared on October 1.Dec.1

Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022.Dec.31

Determined that net income for the year was $335,000. Paid the dividend declared on December 1.