Need help with all parts please! Each Journal and the shareholders equity section of the balance sheet,
1. In the books of Consolidated Paper Inc. :
Transaction/ Event | Date | General Journal | Debit | Credit |
2018 | $ | $ | ||
a.1 | Mar 3 | Investment in Leasco ( 295,000 x $ 2 - 561,000 ) | 29,000 | |
Gain on Revaluation of Leasco | 29,000 | |||
a. 2 | Mar 3 | Retained Earnings | 590,000 | |
Property Dividends Payable | 590,000 | |||
a. 3 | Mar 15 | No entry | 0 | 0 |
a. 4 | Mar 31 | Property Dividends Payable | 590,000 | |
Investment in Leasco | 590,000 | |||
b. | May 3 | Retained Earnings ( 494,900 - 4,900 ) x 25 % | 122,500 | |
Common Stock | 122,500 | |||
c. | July 5 | Retained Earnings [ ( 490,000 + 122,500 ) x 2 % ] x $ 12 | 147,000 | |
Common Stock | 12,250 | |||
Paid in Capital- Excess of Par: Common | 134,750 | |||
d. | Dec 1 | Retained Earnings | 6,930 | |
Preferred Dividends Payable | 6,930 | |||
e. | Dec 1 | Retained Earnings ( 490,000 + 122,500 + 12,250 ) x $ 0.60 | 374,850 | |
Common Dividends Payable | 374,850 | |||
Dec 28 | Preferred Dividends Payable | 6,930 | ||
Common Dividends Payable | 374,850 | |||
Cash | 381,780 |
2.
Consolidated
Paper Inc. Balance Sheet ( Partial ) December 31, 2018 Stockholders Equity |
|
Paid-in Capital | |
Preferred Stock, 7 %, 99,000 shares, at $ 1 par | $ 99,000 |
Common Stock, 629,650 shares at $ 1 par | 629,650 |
Paid-in capital- excess of par, preferred | 1,605,000 |
Paid-in capital- excess of par, common | 2,789,750 |
Total Paid-in Capital | 5,123,400 |
Retained Earnings | 9,493,720 |
Treasury Stock ( 4,900 shares, at cost) | (58,800) |
Total Stockholders' Equity | $ 14,558,320 |
Need help with all parts please! Each Journal and the shareholders equity section of the balance...
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