The Collyer Corporation Authorizes the Issuance of 5,000,000 Shares of $1par

question 104

Essay

The Collyer Corporation authorizes the issuance of 5,000,000 shares of $1par common stock and 1,000,000 shares of 10%,$50 par cumulative preferred stock.Events affecting the stockholders' equity section during the first year of operations (2010)are listed below.
(1.)500,000 shares of common stock were issued for $20 per share.
(2.)25,000 shares of preferred stock were sold at $52 per share.
(3.)A building with a fair market value of $860,000 was acquired for a cash payment of
$200,000 and 30,000 shares of common stock.
(4.)3,000 shares of common stock were repurchased for $15 per share.
(5.)Reissued 1,000 shares of the treasury stock for $20 per share.
(6.)Collyer generated $1,500,000 of income its first year and paid no dividends.
Required:
(A.)Record the transaction described above.
(B.)Prepare the stockholders' equity section of Collyer Corporation.

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Definitions:

Suicide Attempts

Actions taken by an individual with the intention of ending their own life but which do not result in death.

Suicide Fatalities

Deaths resulting from the act of intentionally causing one's own death.

Social Anxiety Disorder

A chronic mental health condition characterized by an intense fear of being negatively judged or rejected in social situations.

Paralyzing Fear

An intense, overwhelming fear that prohibits an individual from taking action or making decisions.