EXERCISE 15-18 - EXERCISE 15-18 (3035 minutes) (a) 1....

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EXERCISE 15-18 (30–35 minutes) (a) 1. Dividends Payable—Preferred (2,000 X $8). ......... 16,000 Dividends Payable—Common (20,000 X $2). ....... 40,000 Cash. .................................................................... 56,000 2. Treasury Stock . .......................................................... 108,000 Cash (2,700 X $40). .......................................... 108,000 3. Land . .............................................................................. 30,000 Treasury Stock (700 X $40) . ......................... 28,000 Paid-in Capital From Treasury Stock. ....... 2,000 EXERCISE 15-18 (Continued) 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 (1,800* X $45) . ....................... 81,000 Common Stock Dividend Distributable (1,800 X $5) . ................................................... 9,000
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This note was uploaded on 01/31/2011 for the course ACCT 302 taught by Professor Leee during the Spring '10 term at Grand Rapids Community College.

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EXERCISE 15-18 - EXERCISE 15-18 (3035 minutes) (a) 1....

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