Austin Corporation Was Authorized to Issue 100,000 Shares of $10

question 122

Essay

Austin Corporation was authorized to issue 100,000 shares of $10 par common stock. During 2014 Austin issued 30,000 shares at a market price of $15 per share. On December 1, 2014, Austin declared a cash dividend of $2 per share payable on December 30 to stockholders of record as of December 15.
Required:
a) Indicate effect on financial statements on the date of declaration, date of record, and date of payment of the cash dividends. Use the model below.

---

Definitions:

Standard Output

The default data stream where a program writes its output data, typically displayed to the console or terminal.

Header Files

Files in programming that typically contain function prototypes, macro definitions, and include directives for other files, used to share information among various source files in a program.

C++ Program

A sequence of instructions written in the C++ programming language that performs a specified task when executed.

Standard Input

A predefined stream in many programming languages that typically reads input from the keyboard or main input device.