Acct 1B Project 1 Winter 2021.pdf - Acct 1B Project 1...

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Acct 1B Project 1 Winter 2021 Due on Sunday, February 7th at 8:00 pm. On January 1, 2021, Artline Corporation had the following information available regarding its stockholders' equity: 5%, $? par, cumulative Preferred Stock, 700,000 shares authorized, 350,000 shares issued 26,250,000 $ Paid-in Capital in Excess of Par - Preferred Stock 2,400,000 Common Stock, $6 par, 900,000 shares authorized, ? shares issued, ? shares outstanding 3,120,000 Paid-in Capital in Excess of Par - Common Stock 18,200,000 Paid-in Capital from Treasury Stock Transactions 35,000 Treasury Stock (50,000 shares @ cost) 1,850,000 Retained Earnings 77,600,000 The following transactions affecting stockholders' equity took place during 2021: 2/4/2021 Issued 35,000 shares of preferred stock for $83/share. 3/17/2021 Issued 60,000 shares of common stock for $34/share. 4/24/2021 Declared a cash dividend to shareholders of record on May 15, 2021 payable on May 31, 2021. The preferred shareholders are to receive their contractual preference (no dividends are in arrears) and the common shareholders are to receive $2/share.

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