The equity section of Gannon Oilfield Corporations balance sheet at December 31,2019 is shown below: Preferred Share Authorized -- 100 shares Issued and Outstanding- 64 shares $3,456 Common shares Authorized-- 2,000 shares Issued and Outstanding- 800 shares $1,680 Retained Earnings $600 Required: a. What is the average price received for each issued preferred share? b. What is the average price received for each issued common share? c. What is the total contributed capital of the company?
The equity section of Gannon Oilfield Corporations balance sheet at December 31,2019 is shown below: Preferred Share Authorized -- 100 shares Issued and Outstanding- 64 shares $3,456 Common shares Authorized-- 2,000 shares Issued and Outstanding- 800 shares $1,680 Retained Earnings $600 Required: a. What is the average price received for each issued preferred share? b. What is the average price received for each issued common share? c. What is the total contributed capital of the company?
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 16E: Contributed Capital Adams Companys records provide the following information on December 31, 2019:...
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The equity section of Gannon Oilfield Corporations balance sheet at December 31,2019 is shown below:
Authorized -- 100 shares
Issued and Outstanding- 64 shares $3,456
Common shares
Authorized-- 2,000 shares
Issued and Outstanding- 800 shares $1,680
Required:
a. What is the average price received for each issued preferred share?
b. What is the average price received for each issued common share?
c. What is the total contributed capital of the company?
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