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Midwest Corp completed the following transactions in 2012, the first year of operation.
1. Issued 20,000 shares of $10 par common stock at par. 2. Issued 2,000 shares of $30 stated value preferred stock at $32 per share. 3. Purchased 500 shares of common stock as treasury stock for $15 per share. 4. Declared a five percent dividend on preferred stock. 5. Sold 300 shares of treasury stock for $18 per share. 6. Paid the cash dividend on preferred stock that was declared in event four. 7. Earned cash service revenue of $75,000 and incurred cash operating expenses of $42,000. 8. Appropriated $6,000 of retained earnings.
Required a. Organize the transaction in accounts under an accounting equation. b. Prepare the stockholders equity section of the balance sheet as of December 31, 2012.
Discuss and consider the several considerations that each kinds of corporation balance in evaluating whether to pay dividends, including the tax consequences of doing so.
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Estimated annual overhead and direct labour costs for 2013 are $150,000 and $200,000 respectively and estimated additional costs to be incurred to produce 10,000 units of ukulele Strings made from a special material $ 20,000
Interest is payable on November 1 st and May st. (Assume a 360 day year 30 day months) - Prepare the 09/21/08 entry for this transaction.
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