The Danice Corporation was incorporated on January 1, 2005, with the following authorized capitalization: 40,000 shares of common stock, no par value, stated value $40 per share 10,000 shares of 5 percent cumulative preferred stock, par value $10 per share During 2005, Danice issued 24,000 shares of common stock for a total of $1,200,000 and 6,000 shares of preferred stock at $16 per share. In addition, on December 20, 2005, subscriptions for 2,000 shares of preferred stock were taken at a purchase price of $17. These subscribed shares were paid for on January 2, 2006. What should Danice report as total contributed capital on its December 31, 2005, balance sheet?
The Danice Corporation was incorporated on January 1, 2005, with the following authorized capitalization: 40,000 shares of common stock, no par value, stated value $40 per share 10,000 shares of 5 percent cumulative preferred stock, par value $10 per share During 2005, Danice issued 24,000 shares of common stock for a total of $1,200,000 and 6,000 shares of preferred stock at $16 per share. In addition, on December 20, 2005, subscriptions for 2,000 shares of preferred stock were taken at a purchase price of $17. These subscribed shares were paid for on January 2, 2006. What should Danice report as total contributed capital on its December 31, 2005, balance sheet?
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
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 9P: Comprehensive Young Corporation has been operating successfully for several years. It is authorized...
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The Danice Corporation was incorporated on January 1, 2005, with the following authorized capitalization:
40,000 shares of common stock, no par value, stated value $40 per share
10,000 shares of 5 percent cumulative
During 2005, Danice issued 24,000 shares of common stock for a total of $1,200,000 and 6,000 shares of preferred stock at $16 per share. In addition, on December 20, 2005, subscriptions for 2,000 shares of preferred stock were taken at a purchase price of $17. These subscribed shares were paid for on January 2, 2006. What should Danice report as total contributed capital on its December 31, 2005,
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