At January 1, 2021, Sheffield Corporation had the following shareholders equity: ...
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Accounting
At January 1, 2021, Sheffield Corporation had the following shareholders equity:
Share capital
$1 Preferred shares, noncumulative,
25,000 shares authorized, 8500 shares issued
$175000
Common shares, 1,000,000 shares authorized,
59000 shares issued
754000
929000
Retained Earnings
427000
Total Shareholders Equity
$1356000
On March 12, 2021, when the common shares have a market value of $20, the board of directors declared and paid a 10% common stock dividend. On July 31, 2021, the board declared a 3-for-1 stock split on the common shares. During the year, the company paid cash dividends of $79000 and reported profit of $432000. The number of common shares issued at December 31, 2021 is
64900.
100000.
3000000.
194700.
On January 1, 2021, Crane Limited issues a $17303, 2% 3-year note payable. The note calls for three annual payments of $6000, blended principal and interest. The first payment is to be made on December 31, 2021. On December 31, 2022, Crane will report interest expense of
$6000.
$240.
$233.
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