5. Mckenzie Corporation has the following details in equity section at the beginning of the year: P 960,000 720,000 Comm

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5 Mckenzie Corporation Has The Following Details In Equity Section At The Beginning Of The Year P 960 000 720 000 Comm 1 (23.15 KiB) Viewed 49 times

5. Mckenzie Corporation has the following details in equity section at the beginning of the year: P 960,000 720,000 Common Stock, P12 par, 200,000 shares authorized, 80,000 shares issued 5% Preferred Stock, noncumulative, P18 par, 100,000 shares authorized, 40,000 shares issued APIC: Common Stock APIC: Preferred Stock Retained Earnings 400,000 250,000 700,000 During the year, Mckenzie issued new shares of common stock: 20,000 shares at P15 per share. The business also generated net income of 650,000 for the year. Dividends to preferred shareholders have been paid while common stockholders received dividends of P4 per share of common stock. Determine the following values at the end of the year: (8 points) a) Common Stock: b) Total Paid-in Capital: c) Retained Earnings: d) Total Stockholders Equity: