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Question
The market price of a share of common stock at the time of issuance was $19.50, while the market price of a preferred share of stock at the time of issuance was $32. The company paid $12.50 per share for its treasury stock.
Required:
Determine the missing amount in the stockholders' equity section of the balance sheet set forth below.
| STOCKHOLDERS EQUITY | ||
| .... Contributed Capital: | ||
| .... Preferred Stock, $2.00 par value, authorized 1,000,000 shares; issued 300,000 shares....................................................................... |
$ (a) | |
| .... Additional Paid-in Capital.................................................................... | (b) | |
| .... Common Stock, $3.00 par value, authorized 40,000,000 shares; issued 25,600,000 shares.................................................................. |
(c) | |
| .... Additional Paid-in Capital.................................................................... | (d) | |
| .... Total Contributed Capital................................................................. | (e) | |
| .... Retained Earnings.................................................................................... | 305,683,000 | |
| .... Treasury Stock (10,000 shares, at cost)................................................... | (f) | |
| Total Stockholders' Equity............................................................................ | $ (g) | |
(a) ________
(b) ________
(c) ________
(d) ________
(e) ________
(f) ________
(g) ________
Answer
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Related questions
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Q:
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Required:
Part a. Prepare the closing entries dated December 31, 2016.
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