FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Mercury Corporation issued 6,000 shares of no-par common stock for $20 per share. Mercury also issued 3,400 shares of $70 par, 5
percent noncumulative preferred stock at $80 per share.
Required
Record the transactions in a horizontal statements model.
Note: In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or
financing activity (FA). Not all cells require input.
Event
1-Issue of CS
2-Issue of PS
Assets
Cash
Balance Sheet
Preferred
Stock
MERCURY CORPORATION
Horizontal Statements Model
Stockholders' Equity
Common
Stock
Paid In
Capital in
Ex
Revenue
Income Statement
Expense -Net Income
Statement of Cash
Flows
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Transcribed Image Text:Mercury Corporation issued 6,000 shares of no-par common stock for $20 per share. Mercury also issued 3,400 shares of $70 par, 5 percent noncumulative preferred stock at $80 per share. Required Record the transactions in a horizontal statements model. Note: In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Not all cells require input. Event 1-Issue of CS 2-Issue of PS Assets Cash Balance Sheet Preferred Stock MERCURY CORPORATION Horizontal Statements Model Stockholders' Equity Common Stock Paid In Capital in Ex Revenue Income Statement Expense -Net Income Statement of Cash Flows
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