Liyue Corporation was organized during 2020. At the end of 2021, the equity section of the...

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Liyue Corporation was organized during 2020. At the end of 2021, the equity section of the balance sheet appeared as follows: Contributed capital: Preferred stock (5%, $15 par, 15,000 shares authorized, 8,000 shares issued and outstanding) $120,000 Common stock ($11 par, 36,000 shares authorized, 18,000 issued, 15,000 outstanding) 198,000 Paid-in capital in excess of par, preferred stock Total Contributed Capital Retained Earnings Less treasury stock (3,000 shares at cost of $14 per share) Total Shareholder's Equity 28,000 $346,000 244,000 (42,000) $548,000 During 2022, the following chronological transactions occurred: • Issued 1,200 shares of common stock at $15 per share. • Reissued 1,600 shares of treasury stock at $20 per share. • Reissued 750 shares of treasury stock at $10 per share. Reacquired 3,000 common stock at $15 • Reissued 1,500 (pertaining to shares reacquired at $15) shares of treasury stock at $12 • Retired 500 shares in treasury (pertaining to shares reacquired at $15) • Declared a dividend large enough to meet the current-dividend preference of the preferred stock and to pay the common stockholders $4 per share. Dividends are recorded directly in the retained earnings account. • Closed net income of $170,000 to Retained Earnings. Determine the balances of the following 1. Additional paid-in capital from preferred and common stock. (3 points) 2. Additional paid-in capital from treasury shares. (3 points) 3. Treasury Stock Amount (not number of shares) as of year ended 2022.(3 points) 4. Total Dividends declared in 2022 (3 points) 5. Retained earnings as of year ended 2022. (4 points) 6. Total Shareholder's Equity as of year ended 2022.(4 points) Liyue Corporation was organized during 2020. At the end of 2021, the equity section of the balance sheet appeared as follows: Contributed capital: Preferred stock (5%, $15 par, 15,000 shares authorized, 8,000 shares issued and outstanding) $120,000 Common stock ($11 par, 36,000 shares authorized, 18,000 issued, 15,000 outstanding) 198,000 Paid-in capital in excess of par, preferred stock Total Contributed Capital Retained Earnings Less treasury stock (3,000 shares at cost of $14 per share) Total Shareholder's Equity 28,000 $346,000 244,000 (42,000) $548,000 During 2022, the following chronological transactions occurred: • Issued 1,200 shares of common stock at $15 per share. • Reissued 1,600 shares of treasury stock at $20 per share. • Reissued 750 shares of treasury stock at $10 per share. Reacquired 3,000 common stock at $15 • Reissued 1,500 (pertaining to shares reacquired at $15) shares of treasury stock at $12 • Retired 500 shares in treasury (pertaining to shares reacquired at $15) • Declared a dividend large enough to meet the current-dividend preference of the preferred stock and to pay the common stockholders $4 per share. Dividends are recorded directly in the retained earnings account. • Closed net income of $170,000 to Retained Earnings. Determine the balances of the following 1. Additional paid-in capital from preferred and common stock. (3 points) 2. Additional paid-in capital from treasury shares. (3 points) 3. Treasury Stock Amount (not number of shares) as of year ended 2022.(3 points) 4. Total Dividends declared in 2022 (3 points) 5. Retained earnings as of year ended 2022. (4 points) 6. Total Shareholder's Equity as of year ended 2022.(4 points)

Answer rating: 100% (QA)

Answer posting to the ledger 1 Paidin capital common stock 2000 4800 Balance 2800 Paidin capital preferred stock 28000 Balance 28000 Paidin capital Tr... View the full answer