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The articles of incorporation for Western Data Logistics (Western) authorized the company to issue 10 million $1 par common shares and 2 million $40 par preferred shares. During its first year of operations, Western had the following equity-related transactions. January 1 February 5 Issued 3 million common shares for $6 per share Issued 1 million preferred shares for $42 per share March 10 Repurchased 1 million common shares as treasury stock for $10 per share Resold 500,000 treasury stock shares for $12 per share Declared a 10% stock dividend on common shares when the market price March 28 April 1 of a common share was $15 per share December 31 Declared a 2-for-1 stock split on preferred shares What amount of total Paid-in Capital would Western show on the balance sheet at December 31? Multiple Choice $64,750,000 $63,750,000 O $61,000,000 O $60,000,000

The articles of incorporation for Western Data Logistics (Western) authorized the company to issue 10 million $1 par common shares and 2 million $40 par preferred shares. During its first year of operations, Western had the following equity-related transactions. January 1 February 5 Issued 3 million common shares for $6 per share Issued 1 million preferred shares for $42 per share March 10 Repurchased 1 million common shares as treasury stock for $10 per share Resold 500,000 treasury stock shares for $12 per share Declared a 10% stock dividend on common shares when the market price March 28 April 1 of a common share was $15 per share December 31 Declared a 2-for-1 stock split on preferred shares What amount of total Paid-in Capital would Western show on the balance sheet at December 31? Multiple Choice $64,750,000 $63,750,000 O $61,000,000 O $60,000,000

Intermediate Accounting: Reporting And Analysis
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 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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The articles of incorporation for Western Data Logistics (Western) authorized the company to issue 10 million $1 par common shares and 2 million $40 par preferred shares. During its first year of operations, Western had the following equity-related transactions. January 1 Issued 3 million common shares for $6 per share February 5 Issued 1 million preferred shares for $42 per share Repurchased 1 million common shares as treasury stock for $10 per share Resold 500,000 treasury stock shares for $12 Declared a 10% stock dividend on common shares when the market price March 10 March 28 per share April 1 of a common share was $15 per share December 31 Declared a 2-for-1 stock split on preferred shares What amount of total Paid-in Capital would Western show on the balance sheet at December 31? Multiple Choice $64,750,000 $63,750,000 $61,000,000 $60,000,000
Transcribed Image Text:The articles of incorporation for Western Data Logistics (Western) authorized the company to issue 10 million $1 par common shares and 2 million $40 par preferred shares. During its first year of operations, Western had the following equity-related transactions. January 1 Issued 3 million common shares for $6 per share February 5 Issued 1 million preferred shares for $42 per share Repurchased 1 million common shares as treasury stock for $10 per share Resold 500,000 treasury stock shares for $12 Declared a 10% stock dividend on common shares when the market price March 10 March 28 per share April 1 of a common share was $15 per share December 31 Declared a 2-for-1 stock split on preferred shares What amount of total Paid-in Capital would Western show on the balance sheet at December 31? Multiple Choice $64,750,000 $63,750,000 $61,000,000 $60,000,000
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