Answer:
CRANE CORPORATION | |
Balance Sheet (Partial) | |
December 31 | |
Stockholders' equity: | |
Paid-in capital: | |
Capital Stock: | |
Common stock | $1,430,000 |
Additional paid-in capital: | |
Paid-in capital in excess of par-common stock | $114,000 |
Total paid-in capital | $1,544,000 |
Retained earnings | $818,500 |
Total stockholder's equity | $2,362,500 |
Calculations:
Feb.1 | Cash dividends = Outstanding shares x $2 = 50,000 x $2 = $100,000 |
Apr.1 | Outstanding shares after stock-split = 50,000 x 2 = 100,000 shares, Par value = $26/2 = $13 per share |
July 1 | Stock dividend = (100,000 shares outstanding x 10%) x $15 market rate = 10,000 x $15 = $150,000 |
July 31 | Common stock = 10,000 x $13 par = $130,000 |
Paid-in capital in excess of par = 10,000 x ($15-$13) = $20,000 | |
Outstanding shares after stock dividend = 100,000 + 10,000 = 110,000 shares | |
Dec.1 | Cash dividends = Outstanding shares x $0.40 = 110,000 x $0.40 = $44,000 |
Dec.31 | Net income = $393,500 |
Common stock |
Paid-in capital in excess of par |
Retained Earnings |
|
Beginning Balance | $1,300,000 | $194,000 | $619,000 |
Feb.1 Cash dividends | ($100,000) | ||
July 1 Stock dividend declared | ($150,000) | ||
July 31 Stock dividend issued | $130,000 | $20,000 | |
Dec.1 Cash dividends | ($44,000) | ||
Dec.31 Net income | $393,500 | ||
Ending balance | $1,430,000 | $114,000 | $818,500 |
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