EXERCISE 15-8 - 210,000 Paid-in Capital in Excess of Par...

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EXERCISE 15-8 (15–20 minutes) (a) $1,000,000 X 6% = $60,000; $60,000 X 3 = $180,000. The cumulative dividend is disclosed in a note to the stockholders’ equity section; it is not reported as a liability. (b) Preferred Stock (3,000 X $100) . ................................... 300,000 Common Stock (3,000 X 7 X $10). ......................
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Unformatted text preview: 210,000 Paid-in Capital in Excess of Par Value Common . ............................................................... 90,000 (c) Paid-in capital Preferred stock, $100 par 6%, 10,000 shares issued. ...... $1,000,000 Paid-in capital in excess of par (10,000 X $7) . ................... 70,000...
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