Arnold corporation has been authorized to issue 40000

Reference no: EM13481084

Arnold Corporation has been authorized to issue 40,000 shares of $100 par value, 8%, noncumulative preferred stock and 2,000,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2011, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $240,000 Paid-in Capital in Excess of Par Value-Preferred 56,000 Common Stock 2,000,000 Paid-in Capital in Excess of Stated Value-Common 5,700,000 Treasury Stock-Common 22,000 Paid-in Capital from Treasury Stock 3,000 Retained Earnings 560,000 The preferred stock was issued for land having a fair market value of $296,000. All common stock issued was for cash. In November, 1,500 shares of common stock were purchased for the treasury at a per share cost of $22. In December, 500 shares of treasury stock were sold for $28 per share. No dividends were declared in 2011.

Reference no: EM13481084

Questions Cloud

Variable cost variances the following data reflect the : variable cost variances the following data reflect the current months activity for sills inc. actual total direct labor

When would you advise a firm to use direct intervention to : when would you advise a firm to use direct intervention to set transfer prices? what are the disadvantages of such a

The company estimates the systems current salvage value to : tate enterprises is a nonprofit organization that has a cost of capital of 10 percent. the organization is considering

Describe how you determine the valuation of assets acquired : describe how you determine the valuation of assets acquired in a purchase whena. assets are acquired by incurring

Arnold corporation has been authorized to issue 40000 : arnold corporation has been authorized to issue 40000 shares of 100 par value 8 noncumulative preferred stock and

Evaluate the following statement from an analysis viewpoint : evaluate the following statement from an analysis viewpoint a parent company is not responsible for the liabilities of

Borrow 45 of the capital needed in 2009 and obtain the : in 2007pxox ltd earned a net profit of 45000000 yuan and paid a cash dividend of 16200000 yuan. in 2008 its net profit

Calculate the plantwide cost driver rate and use this rate : youngsborough products a supplier to the automotive industry had seen its operating margins shrink below 20 as its

Describe the accounting treatment for both fair value : describe the accounting treatment for both fair value hedges and cash flow

User Account

All Pages