Business
Business, 30.10.2019 04:31, needhelpwithHW10

Corporation has the following capital structure at the beginning of the year: 4% preferred stock, $50 par value, 20,000 shares authorized, 5,000 shares issued and outstanding$250,000common stock, $10 par value, 60,000 shares authorized, 41,000 shares issued and outstanding410,000paid-in capital in excess of par105,000total paid-in capital765,000retained earnings425,000total stockholders' equity$1,190,0001.a total cash dividend of $75,000 was declared and payable to stockholders of record. record dividends payable on common and preferred stock in separate accounts.2.a 15% common stock dividend was declared. the average fair value of the common stock is $24 a share.3.assume that net income for the year was $147,000 (record the closing entry) and the board of directors appropriated $73,000 of retained earnings for plant expansion. no. account titles and explanationdebitcredit1.2.3.(to record the closing record appropriated retained earnings.)

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Corporation has the following capital structure at the beginning of the year: 4% preferred stock, $5...

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