AUBURN Corporation had 120,000 of ordinary shares issued and outstanding at January 1, 2021. On January 2 of the same year, the company issued 80,000 preference shares. During the year, the corporation declared and paid $420,000 cash dividend on the ordinary shares and $240,000 on the preference shares. Net income for the year was P1,500,000.

AUBURN Corporation had 120,000 of ordinary shares issued and outstanding at January 1, 2021. On January 2 of the same year, the company issued 80,000 preference shares. During the year, the corporation declared and paid $420,000 cash dividend on the ordinary shares and $240,000 on the preference shares. Net income for the year was P1,500,000.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 23EB: Bastion Corporation earned net income of $200,000 this year. The company began the year with 10,000...

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