Mechforce, Incorporated had net income of $147,500 for the year ended December 31, 2022. At the beginning of the year, 15,000 shares of common stock were outstanding. On April 1, an additional 15,000 shares were issued. On October 1, the company purchased 4,000 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Mechforce paid the annual dividend on the 7,000 shares of 3.20%, $100 par value preferred stock that were outstanding the entire year.

Mechforce, Incorporated had net income of $147,500 for the year ended December 31, 2022. At the beginning of the year, 15,000 shares of common stock were outstanding. On April 1, an additional 15,000 shares were issued. On October 1, the company purchased 4,000 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Mechforce paid the annual dividend on the 7,000 shares of 3.20%, $100 par value preferred stock that were outstanding the entire year.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 19E: Lyon Company shows the following condensed income statement information for the year ended December...

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