How may a corporation's retained earnings be restricted?
Answer to relevant QuestionsWhen are prior period adjustments used? How do common stock and preferred stock differ? Plymouth Company issues 300,000 shares of common stock (par value $0.05) for $27 per share on June 30, 2011. Required: Prepare the journal entry to record this transaction. Bower Corporation reported the following information: common stock, $1 par; 50,000 shares authorized; 35,000 shares issued and outstanding. Required: 1. What is the appropriate journal entry to record a 10 percent stock ...Carmean Products Inc. sold 49,750 shares of common stock to stockholders at the time of its incorporation. Carmean received $23 per share for the stock. Required: 1. Assume that the stock has a $18 par value per share. ...
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