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Accounting

Following selected accounts appear in the ledger of Okie Environmental Corporation on August 1, 2010, the beginning of the current fiscal year:

During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:

a.Issued 17,500 shares of common stock at $81, receiving cash.
b.Issued 8,000 shares of preferred 2% stock at $63.
c.Purchased 5,000 shares of treasury common for $390,000.
d.Sold 3,000 shares of treasury common for $240,000.
e.Sold 1,000 shares of treasury common for $75,000.
f.Declared cash dividends of $1 per share on preferred stock and $0.80 per share on common stock.
g.Paid the cash dividends.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9980365

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