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Accounting The Collyer Corporation authorizes the issuance of 5,000,000 shares of $1 par common stock and 1,000,000 shares of 10 percent, $50 par cumulative preferred stock. Events affecting the stockholders' equity section during the first operations (2010) are listed below. year of (1.) 500,000 shares of common stock were issued for $20 per share. (2.) 25,000 shares of preferred stock were sold at $52 per share. building with a fair market value of $860,000 was acquired (3.) for a cash payment of $200,000 and 30,000 shares of common stock. (4.) 3,000 shares of common stock were repurchased for $15 per share. (5.) Reissued 1,000 shares of the treasury stock for $20 per share. (6.) Collyer generated $1,500,000 of income its first year and paid no dividends. (A.) Record the transaction described above. (B.) Prepare the stockholders' equity section of Collyer Corporation.

Accounting The Collyer Corporation authorizes the issuance of 5,000,000 shares of $1 par common stock and 1,000,000 shares of 10 percent, $50 par cumulative preferred stock. Events affecting the stockholders' equity section during the first operations (2010) are listed below. year of (1.) 500,000 shares of common stock were issued for $20 per share. (2.) 25,000 shares of preferred stock were sold at $52 per share. building with a fair market value of $860,000 was acquired (3.) for a cash payment of $200,000 and 30,000 shares of common stock. (4.) 3,000 shares of common stock were repurchased for $15 per share. (5.) Reissued 1,000 shares of the treasury stock for $20 per share. (6.) Collyer generated $1,500,000 of income its first year and paid no dividends. (A.) Record the transaction described above. (B.) Prepare the stockholders' equity section of Collyer Corporation.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...
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Accounting The Collyer Corporation authorizes the issuance of 5,000,000 shares of $1 par common stock and 1,000,000 shares of 10 percent, $50 par cumulative preferred stock. Events affecting the stockholders' equity section during the first year of operations (2010) are listed below. (1.) 500,000 shares of common stock were issued for $20 per share. (2.) 25,000 shares of preferred stock were sold at $52 per share. (3.) A building with a fair market value of $860,000 was acquired for a cash payment of $200,000 and 30,000 shares of common stock. (4.) 3,000 shares of common stock were repurchased for $15 per share. (5.) Reissued 1,000 shares of the treasury stock for $20 per share. (6.) Collyer generated $1,500,000 of income its first year and paid no dividends. (A.) Record the transaction described above. (B.) Prepare the stockholders' equity section of Collyer Corporation.
Transcribed Image Text:Accounting The Collyer Corporation authorizes the issuance of 5,000,000 shares of $1 par common stock and 1,000,000 shares of 10 percent, $50 par cumulative preferred stock. Events affecting the stockholders' equity section during the first year of operations (2010) are listed below. (1.) 500,000 shares of common stock were issued for $20 per share. (2.) 25,000 shares of preferred stock were sold at $52 per share. (3.) A building with a fair market value of $860,000 was acquired for a cash payment of $200,000 and 30,000 shares of common stock. (4.) 3,000 shares of common stock were repurchased for $15 per share. (5.) Reissued 1,000 shares of the treasury stock for $20 per share. (6.) Collyer generated $1,500,000 of income its first year and paid no dividends. (A.) Record the transaction described above. (B.) Prepare the stockholders' equity section of Collyer Corporation.
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