The corporate charter of Big Blue Tent Co. authorized the issuance of 6 million, $1 par common shares. During 2006, its first year of operations, Big Blue had the following transactions: February 4 sold 4 million shares at $15 per share October 12 retired 1 million shares at $18 per share December 30 sold the […]
The Copper Canyon Company sponsors a defined benefit pension plan. The following information pertains to that plan: Projected benefit obligation at Jan. 1, 2007 $144 million Service cost for 2007 36 million Retiree benefits paid (end of year) 30 million Discount rate 10% No change in actuarial estimates occurred during 2007. What is Copper Canyon’s […]
Selected information from Jimmy Corporation’s accounting records and financial statements for 2006 is as follows (amounts in millions): Cash paid to acquire equipment $18 Treasury stock purchased for cash 25 Proceeds from sale of land and buildings 45 Gain from the sale of land and buildings 26 Investment revenue received 33 Cash paid to acquire […]
Selected information from Phillips Corporation’s accounting records and financial statements for 2006 is as follows (in millions): Cash paid to retire bonds $30 Treasury stock purchased for cash 50 Proceeds from issuance of common stock 70 Proceeds from issuance of mortgage bonds 90 Cash dividends paid on common stock 25 Cash interest paid to bondholders […]
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