The preferred shares had been outstanding the entire year; annual dividends were declared and paid in 2010. During 2010, 2,000 common shares were issued on July 2, and 6,000 common shares were issued on November 3. Common dividends of $12,500 were declared and paid in 2010. The company is subject to a 30% income tax rate. Prepare the Manty Company’s 2010 income statement (multiple-step) and the related note. Here is link of this question

P17-1

The preferred shares had been outstanding the entire year; annual dividends were declared and paid in 2010. During 2010, 2,000 common shares were issued on July 2, and 6,000 common shares were issued on November 3. Common dividends of $12,500 were declared and paid in 2010. The company is subject to a 30% income tax rate.

Prepare the Manty Company’s 2010 income statement (multiple-step) and the related note.

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