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Nichols Inc. has the following transactions impacting its equity accounts during 2023. The number...

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Accounting

Nichols Inc. has the following transactions impacting its equity accounts during 2023. The number of shares of $1 par value common stock authorized is 20,000,000 and the number of shares outstanding as of January 1,2023 is 10,000,000. The company also has 20,000 shares of 6% preferred stock with $100 par value authorized and outstanding at the beginning of the year. The preferred stock may be converted into 10 shares of common stock and was originally issued for $110 per share. January 1 Issued 5,000 for consulting services. The market price of the common stock is $8 per share.
June 1- Repurchases 10,000 shares of stock at $7 per share.
September 1 Resold 5,000 shares of treasury stock at $10 per share
October 1 All of the preferred stock converted into common stock.
November 1 Declares & pays 10% stock dividend. Market price of stock is $12.

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