Accounting

Dante Corporation plans to issue 7,500 shares of its $1 par value common stock for $52 per share and 800 shares of its $30 par value preferred stock for $63 per share.

What would Dante’s legal capital be?

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What would be the amount of capital received in excess of the par value of common and preferred stock?

Why is a distinction made between legal capital and total capital?

Longfellow is authorized to issue 1,500,000 shares of its $1 par value common stock and 400,000 shares of $50 par value preferred stock. Longfellow plans to sell 20,000 shares of common stock at $35 and 1,000 shares of its preferred stock at $55 per share.

How much capital will Longfellow generate by this sale?

What would be Longfellow’s legal capital?

Larry, Mo, and Curly have agreed to allocate profits and losses as follows: 10 percent interest on beginning capital and the remainder allocated equally. The beginning capital amounts are Larry, $120,000; Mo, $60,000; and Curly, $80,000.

Determine the projected ending balance in each partner’s capital account if the partnership generated (a) net income of $71,000, (b) net income of $11,000, and (c) a net loss of $34,000.

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