Required information [The following information applies to the questions displayed below.] Homestead Oil Corporation was incorporated on January 1, 2022, and issued the following stock for cash: • 790,000 shares of no-par common stock were authorized; 160,000 shares were issued on January 1, 2022, at $19.00 per share. 290,000 shares of $100 par value, 9.00% cumulative, preferred stock were authorized: 53,000 shares were issued on January 1, 2022, at $140 per share. Net income for the years ended December 31, 2022 and 2023 was $1,220,000 and $2.660,000, respectively. No dividends were declared or paid during 2022. However, on December 27, 2023, the board of directors of Homestead declared dividends of $1,890,000, payable on February 11, 2024, to holders of record as of January 16, 2024 are the journal entries to record each of the below transactions. e: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. The issuance of common stock and preferred stock on January 1, 2022.
Required information [The following information applies to the questions displayed below.] Homestead Oil Corporation was incorporated on January 1, 2022, and issued the following stock for cash: • 790,000 shares of no-par common stock were authorized; 160,000 shares were issued on January 1, 2022, at $19.00 per share. 290,000 shares of $100 par value, 9.00% cumulative, preferred stock were authorized: 53,000 shares were issued on January 1, 2022, at $140 per share. Net income for the years ended December 31, 2022 and 2023 was $1,220,000 and $2.660,000, respectively. No dividends were declared or paid during 2022. However, on December 27, 2023, the board of directors of Homestead declared dividends of $1,890,000, payable on February 11, 2024, to holders of record as of January 16, 2024 are the journal entries to record each of the below transactions. e: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. The issuance of common stock and preferred stock on January 1, 2022.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 8PA: Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000...
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