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PROBLEM 15-1 - J ai ro M a r molejos I n te rmediate...

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Jairo Marmolejos Intermediate Accounting Homework Chapter 15 Problem 15-1 A) January 1 Cash(20,000*16) $320,000 Common stock (20,000*10) $200,000 Paid in capital in excess of par common $120,000 February 1 Machinery $50,000 Factory building $160,00 Land $270,000 $400,000 Preferred stock(4,000*100) Paid in capital in excess of par -preferred $80,000
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July 29 Treasury stock(18,00*17) $30,600 Cash $30,600 August 10 Cash(1,800*14) $25,200 Retained earnings(1,800*3) $5,400 Treasury stock $30,600 December 31 Retained earnings $37,000 Cash dividend payable common(20,000*.25) $5,000 Cash dividend payable preferred (4,000*100*8%) $32,000 December 31
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Income summary $175,700 Retained earnings $175,700 B) PHELPS CORPORATION Stockholders’ Equity December 31, 2010 Capital stock Preferred stock—par value $100 per share,
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