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  • Choctaw Co Completed The Following Transactions in 2016 The First

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    Choctaw Co. completed several transactions in its first year of operations in 2016, including issuing common and preferred stock, purchasing treasury stock, declaring and paying a preferred stock dividend, earning revenues and expenses, and appropriating retained earnings. The company issued 20,000 shares of $10 par value common stock for $10 per share, 3,000 shares of $20 stated value preferred stock for $20 per share, purchased 1,000 shares of treasury stock for $12 per share, declared a $2,000 preferred stock dividend, and sold 500 shares of treasury stock for $14 per share.

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    Choctaw Co Completed the Following Transactions in 2016 the First

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    Choctaw Co. completed several transactions in its first year of operations in 2016, including issuing common and preferred stock, purchasing treasury stock, declaring and paying a preferred stock dividend, earning revenues and expenses, and appropriating retained earnings. The company issued 20,000 shares of $10 par value common stock for $10 per share, 3,000 shares of $20 stated value preferred stock for $20 per share, purchased 1,000 shares of treasury stock for $12 per share, declared a $2,000 preferred stock dividend, and sold 500 shares of treasury stock for $14 per share.

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    27 views1 page

    Choctaw Co Completed The Following Transactions in 2016 The First

    Uploaded by

    Doreen
    Choctaw Co. completed several transactions in its first year of operations in 2016, including issuing common and preferred stock, purchasing treasury stock, declaring and paying a preferred stock dividend, earning revenues and expenses, and appropriating retained earnings. The company issued 20,000 shares of $10 par value common stock for $10 per share, 3,000 shares of $20 stated value preferred stock for $20 per share, purchased 1,000 shares of treasury stock for $12 per share, declared a $2,000 preferred stock dividend, and sold 500 shares of treasury stock for $14 per share.

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    © All Rights Reserved
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    (SOLVED) Choctaw Co completed the following

    transactions in 2016 the first


    Choctaw Co. completed the following transactions in 2016, the first year of operation:1. Issued
    20,000 shares of $10 par common stock for $10 per share.2. Issued 3,000 shares of $20 stated
    value preferred stock for $20 per share.3. Purchased 1,000 shares of common stock as treasury
    st
    GET THE ANSWER>> https://solutionlly.com/downloads/choctaw-co-completed-the-following-
    transactions-in-2016-the-first
    Choctaw Co. completed the following transactions in 2016, the first year of operation:1. Issued
    20,000 shares of $10 par common stock for $10 per share.2. Issued 3,000 shares of $20 stated
    value preferred stock for $20 per share.3. Purchased 1,000 shares of common stock as treasury
    stock for $12 per share.4. Declared a $2,000 cash dividend on preferred stock.5. Sold 500
    shares of treasury stock for $14 per share.6. Paid $2,000 cash for the preferred dividend
    declared in Event 4.7. Earned cash revenues of $78,000 and incurred cash expenses of
    $41,000.8. Closed revenue, expense, and dividend accounts to the retained earnings
    account.9. Appropriated $8,000 of retained earnings.Requireda. Prepare journal entries to
    record these transactions and post them to T-accounts.b. Prepare a balance sheet as of
    December 31, 2016.View Solution:
    Choctaw Co completed the following transactions in 2016 the first
    GET THE ANSWER>> https://solutionlly.com/downloads/choctaw-co-completed-the-following-
    transactions-in-2016-the-first

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