Towson Corp., was organized on January 2, 2018. During the first year of operation, Towson issued 60,000 shares of $4 par value common stock at a price of $35 cash per share. On December 31, 2018, Towson reported Net Income of $250,000 and paid $50,000 cash dividends. Use this information to determine the dollar amounts that Towson […]
Towson Corp., had 3,000 shares of $100 par, 5% cumulative preferred stock as of January 1, 2018. No additional shares of preferred stock were issued during fiscal years 2018 & 2019. Dividends were paid to common shareholders in 2017 but no shareholders were paid dividends in 2018. A total of $85,000 of dividends was paid in 2019. Use this information […]
On January 2, 2018, the first year of operations, Brunswick Corp., issued 15,000 shares of $10 par value common stock for $15 per share. On July 1, 2018, Brunswick Corp., 2,000 of these shares were reacquired for $19 each. On September 1, 2018 Brunswick Corp. reissued 700 shares of its treasury stock for $24 per share. […]
On August 1, 2018, Towson Corp., declared a 5% stock dividend on its common stock when the market value of the common stock was $18 per share. The balance in the common stock account, before the stock dividend was declared, was $900,000. The par value of all common stock is $10. What is the total dollar amount credited […]
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