90.2K
Verified Solution
Link Copied!
Madison Co had the following components of shareholders' equity at the beginning of 2020:
Preferred shares, Class B, no par, $2, non-cumulative, redeemable and retractable, 400,000 authorized,
100,000 issued and outstanding $2,000,000
Common shares, unlimited number authorized, 600,000 issued and outstanding 6,000,000
Retained earnings 11,400,000
The following events took place during 2020:
Jan 22 Issuance of 50,000, $3 cumulative preferred shares - Class C for $30 per share
Apr 3 10% common stock dividend declared and issued
Oct 10 Common dividends declared and paid by Board of Directors of $1.50 per share
Nov 5 Repurchase of 10,000 $2 no par value preferred shares for $26.50 per share
Required: Prepare the financing activities section of the cash flow statement for the year ended December 31, 2020.
Answer & Explanation
Solved by verified expert
