For the Current Year Ended, ABC Had the Following Transactions

question 204

Short Answer

For the current year ended, ABC had the following transactions:
- Issued 10,000 shares of $2.00 par value common stock for $12.00 per share.- Issued 3,000 shares of $50 par value 6% preferred stock for $70 per share.- Purchased 1,000 shares of previously issued common stock for $15.00 per share.- Reported net income of $200,000.- Declared and paid a total dividend of $40,000.​
Assume that retained earnings had a beginning balance of $75,000.The company does not have any stock outstanding as of the beginning of the current year.​
a.Treasury stock
b.Retained earnings
c.Preferred stock
d.Excess of issue price over par (preferred)e.Common stock
f.Total paid-in capital
g.Excess of issue price over par (common)h.Total stockholders' equity
-$15,000

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Definitions:

Cerebrospinal Fluid

A clear, colorless body fluid found within the brain and spinal cord, acting as a cushion and providing basic mechanical and immunological protection to the brain.

Pia Mater

The delicate innermost layer of the meninges, the membranes that envelop the brain and spinal cord, providing a protective covering.

Gray Matter

Regions in the brain and spinal cord composed primarily of neuronal cell bodies, dendrites, and glia, playing a key role in processing and regulating neural signals.

Cerebrum

The largest part of the brain, encompassing the cerebral hemispheres, responsible for complex cognitive functions, including learning, memory, and voluntary movement.