The stockholders' equity accounts of Culver Corporation on January 1, 2022, were as follows. Preferred Stock...
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The stockholders' equity accounts of Culver Corporation on January 1, 2022, were as follows. Preferred Stock (6%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value-Prefered Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,000 common shares) $300,000 1,000,000 15,000 480,000 694,500 40,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 5,000 shares of common stock for $35,000. Mar. 201 Oct. 1 Purchased 1,000 additional shares of common treasury stock at $9 per share. Declared a 6% cash dividend on preferred stock, payable November 1. Nov. 1 Dec. 1 Dec. 31 Paid the dividend declared on October 1. Declared a $0.85 per share cash dividend to common stockholders of record on December 15, payable December 31. 2022. Paid the dividend declared on December 1. (a) (b) Prepare a tabular summary that includes the January 1, 2022, balances. Do not include the beginning balance in Retained Record the 2022 transactions in the tabular summary. The stockholders' equity accounts of Culver Corporation on January 1, 2022, were as follows. Preferred Stock (6%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value-Prefered Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,000 common shares) $300,000 1,000,000 15,000 480,000 694,500 40,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 5,000 shares of common stock for $35,000. Mar. 201 Oct. 1 Purchased 1,000 additional shares of common treasury stock at $9 per share. Declared a 6% cash dividend on preferred stock, payable November 1. Nov. 1 Dec. 1 Dec. 31 Paid the dividend declared on October 1. Declared a $0.85 per share cash dividend to common stockholders of record on December 15, payable December 31. 2022. Paid the dividend declared on December 1. (a) (b) Prepare a tabular summary that includes the January 1, 2022, balances. Do not include the beginning balance in Retained Record the 2022 transactions in the tabular summary.
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Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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