Problem 11-5A (Part Level Submission) Concord Corporation has been authorized to
ID: 2513016 • Letter: P
Question
Problem 11-5A (Part Level Submission) Concord Corporation has been authorized to issue 20,700 shares of $100 par value, 690, noncumulative preferred stock and 1,170,000 shares of no-par common stock. The corporation assigned a $4 stated value to the common stock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess o Par Value-Preferred Stock Common Stock Paid-in Capital in Excess o Stated Value-Common Stock Treasury Stock (4,700 common shares) Retained Earnings Accumulated Other Comprehensive Income $157,000 21,700 1,995,000 1,580,000 47,000 84,100 49,700 The preferred stock was issued for $178,700 cash. All common stock issued was for cash. In November 4,700 shares of common stock were purchased for the treasury at a per share cost of $10. No dividends were declared in 2017Explanation / Answer
Balance Sheet December 31 2017 Stockholder Equity Paid in capital Capital stock Preferred Stock 157000 Common stock 1995000 Total capital stock $2,152,000 Additional Paid in capital Paid in capital in excess of par-Preferred stock 21700 Paid in capital in excess of stated value-Common stock 1580000 Total Additional Paid in capital 1601700 Total paid in capital $3,753,700 Retained Earnings 84100 Total paid in capital and Retained Earnings $3,837,800 Acumulated other Comprehensive Income $49,700 Less: Treasury stock (4700 common shares at cost) -47000 Total stockholder Equity $3,840,500 If any doubt please comment