On January 1,Year 1,a Company Had the Following Transactions

question 166

Essay

On January 1,Year 1,a company had the following transactions:
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- Issued 10,000 shares of $2.00 par common stock for $12.00 per share.
- Issued 3,000 shares of $50 par,6% cumulative preferred stock for $70 per share.
- Purchased 1,000 shares of previously issued common stock for $15.00 per share.
- No other shares of stock were issued or outstanding.
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The company had the following dividend information available:
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Year 1 - No dividend paid
Year 2 - Paid a $2,000 total dividend
Year 3 - Paid a $20,000 total dividend
Year 4 - Paid a $25,000 total dividend
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Using the following format,fill in the correct values for each year:
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Definitions:

Indemnity

A contractual obligation of one party to compensate the loss incurred by the other party due to the acts of the indemnifier or other specified events.

Requirement of Writing

The requirement of writing specifies that certain agreements or contracts must be in written form to be legally binding and enforceable.

Mental Incapacity

A condition where an individual lacks the ability to make decisions because of mental health issues or intellectual disabilities.

Executed Agreement

A contract that has been fully performed by all parties involved, with all terms satisfied and obligations met.