Problem 15-01
On January 5, 2020, Splish Corporation received a charter
granting the right to issue 4,800 shares of $100 par value, 8%
cumulative and nonparticipating preferred stock, and 46,600 shares
of $10 par value common stock. It then completed these
transactions.
Jan. 11 | Issued 19,200 shares of common stock at $14 per share. | |
Feb. 1 | Issued to Sanchez Corp. 4,100 shares of preferred stock for the following assets: equipment with a fair value of $54,700; a factory building with a fair value of $156,000; and land with an appraised value of $293,000. | |
July 29 | Purchased 1,700 shares of common stock at $17 per share. (Use cost method.) | |
Aug. 10 | Sold the 1,700 treasury shares at $15 per share. | |
Dec. 31 | Declared a $0.40 per share cash dividend on the common stock and declared the preferred dividend. | |
Dec. 31 |
Closed the Income Summary account. There was a $181,300 net income. |
a.)
|
b.) Prepare the stockholders’ equity section of Splish Corporation’s balance sheet as of December 31, 2020. (Enter account name only and do not provide descriptive information.)
Problem 15-01 On January 5, 2020, Splish Corporation received a charter granting the right to issue...
Problem 15-01 On January 5, 2020, Skysong Corporation received a charter granting the right to issue 4,600 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 49,800 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Feb. 1 July 29 Aug. 10 Dec. 31 Dec. 31 Issued 19,300 shares of common stock at $16 per share. Issued to Sanchez Corp. 3,600 shares of preferred stock for the following assets: equipment with a...
On January 5, 2020, Whispering Corporation received a charter granting the right to issue 5,300 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 46,700 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 20,000 shares of common stock at $17 per share. Feb. 1 Issued to Sanchez Corp. 4,400 shares of preferred stock for the following assets: equipment with a fair value of $47,300; a factory building with a fair...
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