Preferred Stock, 6%, $50 par $600,000
Common Stock, $5 par 800,000
Paid-in Capital in Excess of Par Value-Preferred Stock 200,000
Paid-in Capital in Excess of Par Value-Common Stock 300,000
Retained Earnings 800,000
There were no dividends in arrears on preferred stock. During 2010, the company had the following transactions and events.
July 1 Declared a $0.50 cash dividend on common stock.
Aug. 1 Discovered $25,000 understatement of 2009 depreciation. Ignore income taxes.
Sept. 1 Paid the cash dividend declared on July 1.
Dec. 1 Declared a 10% stock dividend on common stock when the market value of the stock was $18 per share.
Dec. 15 Declared a 6% cash dividend on preferred stock payable January 15, 2011.
Dec. 31 Determined that net income for the year was $355,000.
Dec. 31 Recognized a $200,000 restriction of retained earnings for plant expansion.
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