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    anthoney71701's Avatar
    anthoney71701 Posts: 2, Reputation: 1
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    #1

    Jan 15, 2014, 10:14 AM
    When Resisto Systems, Inc. was formed, the company was authorized to issue 5,000 sha
    When Resisto Systems, Inc. was formed, the company was authorized to issue 5,000 shares of $100 par value, 8 percent cumulative preferred stock, and 100,000 shares of $2 stated value common stock.
    Half of the preferred stock was issued at a price of $103 per share, and 75,000 shares of the common stock were sold for $15 per share. At the end of the current year, Resisto has retained earnings of $382,000.
    odinn7's Avatar
    odinn7 Posts: 7,691, Reputation: 1547
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    #2

    Jan 15, 2014, 10:22 AM
    That's good to hear.

    Did you have a question? One that doesn't involve doing your homework for you?
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