Problem 11-2A (Part Level Submission) The stockholders’ equity accounts of Concord Corporation on January 1, 2017, were as follows Preferred Stock (6%, $100 par noncumulative, 5,000 shares authorized) $300,000 Common Stock ($4 stated value, 300,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Par Value-Preferred Stock 15,000 Paid-in Capital in Excess of Stated Value-Common Stock 480,000 Retained Earnings 705,000 Treasury Stock (5,000 common shares) 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 5,000 shares of common stock for $30,000. Mar. 20 Purchased 1,000 additional shares of common treasury stock at $9 per share Oct. 1 Declared a 6% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Declared a $0.65 per share cash dividend to common stockholders of record on December 15, payable December 3 Dec. 1 1, 2017 Dec. 31 Determined that net income for the year was $283,200. Paid the dividend declared on December 1. Show transcribed image text Problem 11-2A (Part Level Submission) The stockholders’ equity accounts of Concord Corporation on January 1, 2017, were as follows Preferred Stock (6%, $100 par noncumulative, 5,000 shares authorized) $300,000 Common Stock ($4 stated value, 300,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Par Value-Preferred Stock 15,000 Paid-in Capital in Excess of Stated Value-Common Stock 480,000 Retained Earnings 705,000 Treasury Stock (5,000 common shares) 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 5,000 shares of common stock for $30,000. Mar. 20 Purchased 1,000 additional shares of common treasury stock at $9 per share Oct. 1 Declared a 6% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Declared a $0.65 per share cash dividend to common stockholders of record on December 15, payable December 3 Dec. 1 1, 2017 Dec. 31 Determined that net income for the year was $283,200. Paid the dividend declared on December 1.
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