Mantego Company listed the following selected pretax items as of December 31, 2019:
Additional information:
The preferred shares had been outstanding the entire year; annual dividends were declared and paid in 2019. During 2019, 2,000 common shares were issued on July 2, and 6,000 common shares were issued on November 3. Common dividends of $12,500 were declared and paid in 2019. The company is subject to a 30% income tax rate.
Required:
Prepare Mantego’s 2019 income statement (multiple-step) and the related note.
Financial & Managerial Accounting
College Accounting, Chapters 1-27
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Managerial Accounting: The Cornerstone of Business Decision-Making
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Corporate Financial Accounting
Accounting Information Systems
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Brief Principles of Macroeconomics (MindTap Course List)
Essentials of Economics (MindTap Course List)
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Essentials of Business Communication (MindTap Course List)
Principles of Economics (MindTap Course List)
College Accounting (Book Only): A Career Approach
Financial & Managerial Accounting
Financial Accounting
College Accounting (Book Only): A Career Approach
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Accounting (Text Only)
Fundamentals of Financial Management (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
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Statistics for Business & Economics, Revised (MindTap Course List)
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Survey of Accounting (Accounting I)
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Corporate Financial Accounting
Practical Management Science
Purchasing and Supply Chain Management
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Macroeconomics
Economics (MindTap Course List)
Cornerstones of Financial Accounting
Managerial Accounting
Microeconomics: Private and Public Choice (MindTap Course List)
MACROECONOMICS FOR TODAY
Understanding Management (MindTap Course List)
Micro Economics For Today
Macroeconomics: Private and Public Choice (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)