EXERCISE 15-18 - EXERCISE1518 (a ) 1. Dividends...

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EXERCISE 15-18 (a) 1. Dividends Payable— Preferred (2,000 X $10). ... 20,000 Dividends Payable— Common (20,000 X $2). ... 40,000 Cash. ...... 60,000 2. Treasury Stock 68,000 Cash (1,700 X $40). .. 68,000 3. Land. ............... .......................... 30,000 Treasury Stock (700 X $40) 28,000 Paid-in Capital From Treasury Stock 2,000
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4. Cash (500 X $105). .................................................... 52,500 Preferred Stock (500 X $100). ....................... 50,000 Paid-in Capital in Excess of Par— Preferred. ..................................................... 2,500 5. Retained Earnings (1,900* X $45). ......................... 85,500 Common Stock Dividend Distributable (1,900 X $5). ................................................. 9,500 Paid-in Capital in Excess of Par— Common. ...................................................... 76,000 *(20,000 – 1,700 + 700 = 19,000; 19,000 X 10%) 6. Common Stock Dividend Distributable. ................ 9,500 Common Stock. .............................................. 9,500
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This note was uploaded on 10/22/2008 for the course ACC 449 taught by Professor Long during the Summer '08 term at University of Phoenix.

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EXERCISE 15-18 - EXERCISE1518 (a ) 1. Dividends...

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