Question

Homework #11 Name: Acct 205 Date: This homework problem is an INDEPENDENT assignment. It is due on Monday, December 2, 2019. Please turn in the original handwritten copy to me and keep a copy for yourself to go over during class. The stockholders' equity accounts of Warden Corporation on January 1, 2017 were as follows. Preferred Stock (7%, $50 par cumulative, 10,000 shares authorized) Common Stock ($2 par value, 2,000, 000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Par Value-Common Stock Retained Earnings Treasury Stock (8,000 common shares) 200,000 1,000,000 16,000 1,400,000 1,716,000 20,000 During 2017 the corporation had these transactions and events pertaining to its stock-holders' equity Issued 20,000 shares of common stock for $160,000. Purchased 5,000 shares of common stock for the treasury at a cost of $16,000. Declared a $0.30 per share cash dividend to the 507,000 common stockholders of record on December 15, payable December 31, 2014 Paid the dividend declared on December 1 Feb. Nov. 10 1 Dec 1 Dec. 31 Instructions (a) Journalize the transactions.

Answer 1

DE Debit ($) Credit ($) $160,000 $120.000 $40,000 $16,000 A B Journal Entries Date Journal Entries 2/1/2017 Cash Paid-in-capital in excess of Par value - Common Stock Common Stock (To record the common stock issued) 11/10/2017 Treasury Stock. Common Cash (To record the purchase of its own shares) 12/1/2017 Retained Earnings Dividends Payable (To record the dividends declared) 13 12/31/2017 Dividends Payable Cash (To record dividends paid $16,000 $152.100 $152,100 $152,100 $152.100

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