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Essay (any type)
09/08/2022
Contributed Capital A partial list of the accounts and ending account balances taken from the…
Contributed Capital A partial list of the accounts and ending account balances taken from the postclosing trial balance of the Jordan Corporation on December 31, 2010, is shown as follows: Additional information: 1. Common stock is no-par, with a stated value of $10 per share, 90,000 shares are authorized, 50,000 shares are issued and outstanding, 6,000 shares have been subscribed at a price of $28 per share. 2. Preferred stock has a $50 par value, 8,000 shares are authorized, 6,000 shares are issued and outstanding, 700 shares have been subscribed at a price of $70 per share. Each share is cumulative, convertible into five shares of common stock, and pays a 7% annual dividend. Dividends are not in arrears. 3. Bonds payable mature on July 1, 2022. They carry a 12% annual interest rate, payable semiannually. The premium is being amortized using the straight-line method. Required Prepare the Contributed Capital section of the December 31, 2010 balance sheet for the Jordan Corporation. Include appropriate parenthetical notes for the common and preferred stock.
