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*Problem 13-6A;Irwin Corporation has been authorized to issue 20,800 shares of $100 par value, 10%, noncumulative preferred stock;and 981,000 shares...

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*Problem 13-6A;Irwin Corporation has been authorized to issue 20,800 shares of $100 par value, 10%, noncumulative preferred stock;and 981,000 shares of no-par common stock. The corporation assigned a $2.50 stated value to the common stock. At;December 31, 2014, the ledger contained the following balances pertaining to stockholders? equity.;The preferred stock was issued for land having a fair value of $142,900. 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 $14. In;December, 500 shares of treasury stock were sold for $15 per share. No dividends were declared in 2014.;Preferred Stock $119,000;Paid-in Capital in Excess of Par?Preferred Stock 23,900;Common Stock 981,000;Paid-in Capital in Excess of Stated Value?Common Stock 1,781,300;Treasury Stock (1,000 common shares) 14,000;Paid-in Capital from Treasury Stock 500;Retained Earnings 81,600

 

Paper#76113 | Written in 18-Jul-2015

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