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ASSIGNMENT RESOURCES roblem 15 1 1.3. tiomiewark On January 5, 2017, Larkspur Corporation received a charter granting the right to issue 4,600 shares of字100 par value, 8% cumulative and nonparticipating prefered stock, and 53.300 shares of $10 par value common stock. It then complcted thesc tronsactions Jan. 11 Issued 20,100 shares of common stock at $17 per share. Feb. 1 Issued to Sanchez Corp. 4,200 shares of preferred stock for the following essets: equipment with a fair value of $45,200; a factory building with ล fair value of $172,000; and land with an appraised Prablem 15-4 Review Score July 29 Aug. 10 Dec. 31 Dec. 31 value of $262,000 Purchased 2,000 shares of common stock at 518 per share, (Use cost method.) Sold thc 2,000 trcasury sharcs at $15 per sharc. Doclared ה 50.25 per share cash dividend on the common stock and declared the preferred dividend. Closed the Income Summary account. There was ה廓163,500 net income Record the journal entries for the transactions listed above. (Credit account titles are automatically indented when amount is entered. Do not indent manually, If no entry is required, select No Fntry" for the acount titles and enter for theamounts. Rerord entries in the order displayed in the problem statement. Round answers to decimal places, e.g. $5,75) manually. If no entry is rguired, select Date Arcount Titles and Fxplanation Dehit Credit Feh.1 liens. Agrnment prhac y Palicy I s maa ,การ 1mn wile sons, Trc. All Rights Reserved. A Division rf khn wiryasinns, Inc. Version 4.74.1.1

Answer 1

Date	Account Tittle	Debit	Credit
Jan-11	Cash (20400*17)	$3,46,800.00
	Common Stock		$2,04,000.00
	Paid in Capital in Excess of Par		$1,42,800.00
01-Feb	Equipment	$45,200.00
	Building	$1,72,000.00
	Land	$2,62,000.00
	Preferred Stock (4200*100)		$4,20,000.00
	Paid in Capital in Excess of Par - Preferred		$59,200.00
29-Jun	Treasury Stock (2000*18)	$36,000.00
	Cashh		$36,000.00
10-Aug	Cash (2000*15)	$30,000.00
	Retained Earning	$6,000.00
	Treasury Stock		$36,000.00
31-Dec	Retained Earning	$38,700.00
	Dividend Payable		$38,700.00
	( 4200*100*8%)+(20400*0.25)
31-Dec	Income summary	$1,63,500.00
	Retained Earning		$1,63,500.00

Statement of Shareholder Equity
Capital Stock
Preferred Stock- Par Value $100 per share	$4,20,000.00
Common Stock Stock- Par Value $10 per share	$2,04,000.00
Total Capital Stock		$6,24,000.00
Additional Paid in Capital
Paid in Capital in Excess of Par	$1,42,800.00
Paid in Capital in Excess of Par - Preferred	$59,200.00	$2,02,000.00
Total Paid in Capital		$8,26,000.00
Retained Earning (163500-38700-6000)		$1,18,800.00
Total Stock Holder Equity		$9,44,800.00