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Business, 24.03.2021 17:00 seema12

Permabilt Corp. was incorporated on January 1, 2019, and issued the following stock for cash: a. 1,500,000 shares of no-par common stock were authorized; 323,000 shares were issued on January 1, 2019, at $33 per share.
b. 371,000 shares of $110 par value, 9.10% cumulative, preferred stock were authorized; 148,000 shares were issued on January 1, 2019, at $128 per share.
c. No dividends were declared or paid during 2019 or 2020. However, on December 22, 2021, the board of directors of Permabilt Corp. declared dividends of $6,270,000, payable on February 12, 2022, to holders of record as of January 8, 2022.

Required:
Use the horizontal model for the issuance of common stock and preferred stock on January 1, 2019.

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Permabilt Corp. was incorporated on January 1, 2019, and issued the following stock for cash: a. 1,...
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