Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois....
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Selected Stock Transactions
Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year:
Preferred 2% Stock, $125 par (90,000 shares authorized, 45,000 shares issued) $5,625,000 Paid-In Capital in Excess of Par—Preferred Stock 675,000 Common Stock, $10 par (800,000 shares authorized, 200,000 shares issued) 2,000,000 Paid-In Capital in Excess of Par—Common Stock 260,000 Retained Earnings 18,147,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:
- Purchased 48,000 shares of treasury common for $11 per share.
- Sold 24,000 shares of treasury common for $14 per share.
- Issued 23,000 shares of preferred 2% stock at $137.
- Issued 80,000 shares of common stock at $14, receiving cash.
- Sold 16,000 shares of treasury common for $9 per share.
- Declared cash dividends of $2.50 per share on preferred stock and $0.04 per share on common stock.
- Paid the cash dividends.
Required:
Journalize the entries to record the transactions.
If an amount box does not require an entry, leave it blank.
a. b. c. d. e. f. g.
Homework Answers
Required:
Journalize the entries to record the transactions.
If an amount box does not require an entry, leave it blank.
| a. | Treasury stock (48000*11) | 528000 | |
| Cash | 528000 | ||
| b. | Cash (24000*14) | 336000 | |
| Treasury stock (24000*11) | 264000 | ||
| Paid in capital from sale of treasury stock | 72000 | ||
| c. | Cash (23000*137) | 3151000 | |
| Preferred stock (23000*125) | 2875000 | ||
| Paid in capital in excess of par value-Preferred stock | 276000 | ||
| d. | Cash (80000*14) | 1120000 | |
| Common Stock | 800000 | ||
| Paid in capital in excess of par value-Common Stock | 320000 | ||
| e. | Cash (16000*9) | 144000 | |
| Paid in capital from sale of treasury stock | 32000 | ||
| Treasury stock | 176000 | ||
| f. | Cash dividend (272000*.04+68000*2.5) | 180880 | |
| Dividend payable | 180880 | ||
| g. | Dividend payable | 180880 | |
| cash | 180880 |
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Selected Stock Transactions
Diamondback Welding & Fabrication Corporation sells and
services pipe welding equipment in Illinois....
Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois....
Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $100 par (50,000 shares authorized, 25,000 shares issued) $2,500,000 Paid-In Capital in Excess of Par—Preferred Stock 300,000 Common Stock, $15 par (800,000 shares authorized, 260,000 shares issued) 3,900,000 Paid-In Capital in Excess of Par—Common Stock 510,000 Retained Earnings 15,285,000 During the...
Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois....
Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $200 par (70,000 shares authorized, 35,000 $7,000,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock 1,400,000 Common Stock, $20 par (800,000 shares authorized, 260,000 5,200,000 shares issued) Paid-In Capital in Excess of Par-Common Stock 680,000 Retained Earnings 30,274,000 During the...
15,750,000 Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in...
15,750,000 Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $80 par (100,000 shares authorized, $4,800,000 60,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock 210,000 Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings 52,840,000 During the year,...
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need all steps
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eBook Show Me How Calculator Print Item Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells...
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