The following is the shareholders' equity section of Concord Corp. at December 31, 2023: Preferred shares,ª authorized 110,000 shares; issued 27,000 shares Common shares (unlimited authorized, 55,000 issued) Contributed surplus Total paid-in capital Retained earnings Total shareholders' equity (c) $945,000 1,375,000 Account Titles and Explanation 110,000 2,430,000 2,714,600 a The preferred shares have a $2 dividend rate, are cumulative, and participate in distributions in excess of a $3 dividend on the common shares. $5,144,600 The company decides instead to acquire and cancel 10,500 common shares at the current fair value of $45 per share. Prepare the entry to record the retirement, assuming the contributed surplus balance arose from previous cancellations of common shares. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit III Credit
The following is the shareholders' equity section of Concord Corp. at December 31, 2023: Preferred shares,ª authorized 110,000 shares; issued 27,000 shares Common shares (unlimited authorized, 55,000 issued) Contributed surplus Total paid-in capital Retained earnings Total shareholders' equity (c) $945,000 1,375,000 Account Titles and Explanation 110,000 2,430,000 2,714,600 a The preferred shares have a $2 dividend rate, are cumulative, and participate in distributions in excess of a $3 dividend on the common shares. $5,144,600 The company decides instead to acquire and cancel 10,500 common shares at the current fair value of $45 per share. Prepare the entry to record the retirement, assuming the contributed surplus balance arose from previous cancellations of common shares. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit III Credit
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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