Orbit Corporation reported the following stockholders equity data (all dollars in millions except par value per share):
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Orbit earned net income of $2,920 during 2012. For each account except Retained Earnings, one transaction explains the change from the December 31, 2011, balance to the December 31, 2012, balance. Two transactions affected Retained Earnings. Give a full explanation, including the dollar amount, for the change in eachaccount.
CorporationA 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...
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Preferred stock Orbit retired preferred stock of 1...View the full answer
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Related Book For 
Financial accounting
ISBN: 978-0132751124
9th edition
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
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