Question

CALCULATOR MESSAGE MY INSTRUCTOR FULL SCRE EN PRINTER VERSION Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Cheyenne Corp. on January 1, 2017, were as follows Preferred Stock (796, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid-in Capita i Excess of Par Value Preferred Stock Paid-in Capital in Excess of Stated Value Common Stock Retained Earnings Treasury Stock (5,000 common shares) $300,000 1,000,000 15,000 480,000 683,500 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. 1 Issued 5,000 shares of common stock for $35,000 Mar. 20 Purchased 1,000 additional shares of common treasury stock at $8 per share Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1 Dec. 1 Declared a $0.85 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Dec. 31 Determined that net income for the year was $278,200. Paid the dividend declared on December 1

Answer 1

Data Given for Reference: CHEYENNE CORP Partial Balance Sheet December 31, 2017 Preferred Stock Paid-in Capital in Excess of Stated Value Common Stock 1/1 Bal. 480,000 Stockholders' Equity: /1 Bal30, Contributed Capital (or) Paid-in-Capital: 15,000 Capital Stock: 7% Preferred Stock, $100 par value, non cumulative Common stock, $4 stated value Total Capital Stock 12/31 Bal. 300, $300,000 1,020,000 S1,320,000 2/31 Bal. 495,000 Common Stock Retained Earnings Additional Pad-in-Capital: /1 Bal.1,000, 2/31232,650 1/1 Bal. 683, Addl. Paid in Capital in Excess of Par- Preferred Addl. Paid in Capital in Excess of Stated Common $495,000 Total Additional Paid-in-capital [$15,000$495,000] 15,000 2/31 510,000 $1,830,000 $729,050 $2,559,050 $48,000 $2,511,050 Total Contributed Capital (or) Paid-in-Capital Retained earnings Total Paid-in-capital& Retained Earnings 2/31 Bal.1,020 2/31 Bal. Treasury Stock Paid-in Capital in Excess of Par Value Preferred Stock Less: Treasury Stock (11,500 common shares) Total Stockholders' Equity 1/1 Bal. 40,000 /1 Bal 3/20 8,000 2/31a15, 48,000 12/31 Bal