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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
Contributed Capital A partial list of the accounts and ending account balances taken from the post-closing trial balance of Jordan Corporation on December 31, 2019, is as follows:
Additional information;
- 1. Common stock is no-par, with a stated value of $10 per share. 90,000 shares are authorized, 50,000 shares are issued and outstanding, and 6,000 shares have been subscribed at a price of $28 per share.
- 2. Preferred stock has a $50 par value, 8,000 shares are authorized, 6,000 shares are issued and outstanding, and 700 shares have been subscribed at a price of $70 per share. Each share is cumulative is convertible into 5 shares of common stock, and pays a 7% annual dividend. Dividends are not in arrears.
- 3. Bonds payable mature on July 1, 2028. They carry a 12% annual interest rate, payable semiannually. The premium is being amortized using the straight-line method.
Required:
Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Jordan. Include appropriate parenthetical notes for the common and preferred stock.
Prepare a contributed capital section of Corporation J as on December 31, 2019.
Contributed Capital: Contributed capital is the total amount of cash or assets received by company in exchange for the issue of shares. This is also known as paid-in capital.
Prepare a contributed capital section of Corporation J as on December 31, 2019.
| Corporation J | |
| Shareholders' Equity | |
| December 31, 2019 | |
| Contributed capital | Â |
| Preferred stock, 7%, 550 par (cumulative and convertible into 5 shares of common stock, 8,000shares authorized. 6,000 shares issued. and outstanding) | $300,000 |
| Preferred stock subscribed (700 shares, $70 subscription price) | $35,000 |
| Common stock... | |
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