Journal Entries:
Account title and Explanation | Debit | Credit | |
1 | Dividend payable - preferred (2,000 x $10) | $20,000 | |
Dividend payable - Common (21,600 x $2) | $43,200 | ||
Cash | $63,200 | ||
[To record payment of cash dividends] | |||
2 | Treasury stock (1,700 x $41) | $69,700 | |
Cash | $69,700 | ||
[To record purchase of own shares] | |||
3 | Land | $27,800 | |
Treasury stock (600 x $41 cost ) | $24,600 | ||
Additional paid-in capital from treasury | $3,200 | ||
[To record sale of treasury stock for land] | |||
4 | Cash (480 x $104) | $49,920 | |
Preferred stock (480 x $100) | $48,000 | ||
Additional paid in capital-preferred | $1,920 | ||
[To record issuance of preferred stock] | |||
5 | Retained earnings [2,050* x $42] | $86,100 | |
Common stock dividend distributable [2,050 x $5 par] | $10,250 | ||
Additional paid in capital-common | $75,850 | ||
[To record declaration of stock dividend] | |||
6 | Common stock dividend distributable | $10,250 | |
Common stock | $10,250 | ||
[To record issuance of stock dividend] | |||
7 | Retained Earnings | $69,900 | |
Dividend payable - preferred (2,480 x $10) | $24,800 | ||
Dividend payable - Common (22,550** x $2) | $45,100 | ||
[To record declaration of dividends] |
Calculations:
Common stock outstanding shares | |
Beginning | 21,600 |
Treasury stock | -1,700 |
Sale of treasury stock | 600 |
Balance before stock dividend | 20,500 |
*Stock dividend (20,500 x 10%) | 2,050 |
**Balance after stock dividend | 22,550 |
Nash Company reported the following amounts in the stockholders' equity section of its December 31, 2019,...
Question 4 Nash Company reported the following amounts in the stockholders’ equity section of its December 31, 2019, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000 Common stock, $5 par (108,000 shares authorized, 21,600 shares issued) 108,000 Additional paid-in capital 119,000 Retained earnings 419,000 Total $846,000 During 2020, Nash took part in the following transactions concerning stockholders’ equity. 1. Paid the annual 2019 $10 per share dividend on preferred stock and a $2 per...
Bonita Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000 Common stock, $5 par (98,500 shares authorized, 19,700 shares issued) 98,500 Additional paid-in capital 135,000 Retained earnings 479,000 Total $912,500 During 2020, Bonita took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $10 per share dividend on preferred stock and a $2 per share dividend...
Martinez Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 1,800 shares issued) $180,000 Common stock, $5 par (93,000 shares authorized, 18,600 shares issued) 93,000 Additional paid-in capital 130,000 Retained earnings 467,000 Total $870,000 During 2020, Martinez took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $10 per share dividend on preferred stock and a $2 per share dividend...
Tamarisk Company reported the following amounts in the stockholders’ equity section of its December 31, 2019, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 1,900 shares issued) $190,000 Common stock, $5 par (108,500 shares authorized, 21,700 shares issued) 108,500 Additional paid-in capital 116,000 Retained earnings 424,000 Total $838,500 During 2020, Tamarisk took part in the following transactions concerning stockholders’ equity. 1. Paid the annual 2019 $9 per share dividend on preferred stock and a $2 per share dividend...
please help me finish this Sarasota Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance shee Preferred stock, 10 % , $100 par (10,000 shares authorized, 2,000 shares issued) $200,000 Common stack, $5 par (108,000 shares authorized, 21,600 shares issued) Additional paid-in capital 108,000 119,000 Retained earnings 419,000 Total $846,000 During 2020, Sarasota took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $10 per share dividend on preferred...
Oriole Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000 Common stock, $5 par (102,000 shares authorized, 20,400 shares issued) 102,000 Additional paid-in capital 120,000 Retained earnings 495,000 Total $917,000 During 2020, Oriole took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $9 per share dividend on preferred stock and a $2 per share dividend...
Skysong Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 1,800 shares issued) $180,000 Common stock, $5 par (101,500 shares authorized, 20,300 shares issued) 101,500 Additional paid-in capital 130,000 Retained earnings 486,000 $897,500 Total During 2020, Skysong took part in the following transactions concerning stockholders' equity. Paid the annual 2019 $9 per share dividend on preferred stock and a $2 per share dividend on...
Vaughn Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 11%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000 Common stock, $5 par (92,500 shares authorized, 18,500 shares issued) 92,500 Additional paid-in capital 120,000 Retained earnings 413,000 Total $825,500 During 2020, Vaughn took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $11 per share dividend on preferred stock and a $2 per share dividend...
Vaughn Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 11%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000 Common stock, $5 par (92,500 shares authorized, 18,500 shares issued) 92,500 Additional paid-in capital 120,000 Retained earnings 413,000 Total $825,500 During 2020, Vaughn took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $11 per share dividend on preferred stock and a $2 per share dividend...
Exercise 15-18 Nash Company reported the following amounts in the stockholders' equity section of its December 31, 2016, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 1,900 shares issued) $190,000 Common stock, $5 par (101,000 shares authorized, 20,200 shares issued) 101,000 Additional paid-in capital 125,000 Retained earnings 431,000 Total $847,000 During 2017, Nash took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2016 $10 per share dividend on preferred stock and a $2 per...