Milford Corporation had the following transactions and events: 1. Issued preferred shares for cash. 2. Declared a

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Milford Corporation had the following transactions and events:
1. Issued preferred shares for cash.
2. Declared a cash dividend on the preferred shares.
3. Paid the cash dividend declared in (2).
4. Issued common shares for cash.
5. Issued common shares for a noncash exchange of assets.
6. Completed a 2-for-1 stock split of the common shares.
7. Declared a stock dividend on the common shares.
8. Distributed the stock dividend declared in (7).
9. Restricted retained earnings.
10. Reported other comprehensive income from an unrealized gain on investments.
Instructions
Indicate whether each of the above transactions would increase (+), decrease (-), or have no effect (NE) on assets, liabilities, and key categories within shareholders' equity, as shown in the following table. The first one has been done for you as an example.
Milford Corporation had the following transactions and events:
1. Issued preferred
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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Financial Accounting Tools for Business Decision Making

ISBN: 978-1118644942

6th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

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