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QUESTION
Cheyenne Company was formed on July 1, 2015.
Cheyenne Company was formed on July 1, 2015. It was authorized to issue 310,800 shares of $10 par value common stock and 102,900 shares of 7% $25 par value, cumulative and nonparticipating preferred stock. Cheyenne Company has a July 1-June 30 fiscal year.
The following information relates to the stockholders' equity accounts of Cheyenne Company.
Common Stock
Prior to the 2017-2018 fiscal year, Cheyenne Company had 112,900 shares of outstanding common stock issued as follows.
1.
