Included in the December 31, 2015, Jacobi Company balance sheet was the following shareholders’ equity section:...
Included in the December 31, 2015, Jacobi Company balance sheet was the following shareholders’ equity section:
|
Jacobi Company |
|
Balance Sheet (Shareholders' Equity) |
|
December 31, 2015 |
|
1 |
Contributed Capital: |
||
|
2 |
Preferred stock, 6%, $100 par |
$200,000.00 |
|
|
3 |
Additional paid-in capital on preferred stock |
12,000.00 |
$212,000.00 |
|
4 |
Common stock, $5 par |
$150,000.00 |
|
|
5 |
Additional paid-in capital on common stock |
240,000.00 |
390,000.00 |
|
6 |
Total contributed capital |
$602,000.00 |
|
|
7 |
Retained earnings |
627,000.00 |
|
|
8 |
Accumulated other comprehensive income (loss): |
||
|
9 |
Unrealized decrease in value of available-for-sale securities |
(41,000.00) |
|
|
10 |
Total contributed capital, retained earnings, and accumulated other comprehensive income |
$1,188,000.00 |
|
|
11 |
Less: Treasury stock (1,000 shares of common stock at cost, acquired on 2/3/2015) |
(20,000.00) |
|
|
12 |
Total Shareholders’ Equity |
$1,168,000.00 |
The company engaged in the following stock transactions during 2016:
| Jan. | 4 | Paid the semiannual dividend on the outstanding preferred stock and a $1.60 per share annual dividend on the outstanding common stock. These dividends had been declared on December 1, 2015. |
| Jan | 5 | Issued 500 shares of preferred stock at $110 per share. |
| Jan | 22 | Issued 4,000 shares of common stock at $23 per share. |
| Apr. | 2 | Reissued 700 shares of treasury stock at $24 per share. |
| May | 14 | Declared a 10% stock dividend on the outstanding common stock, payable on June 29. The common stock is currently selling for $25 per share. |
| Jun. | 4 | Declared the semiannual cash dividend on the outstanding preferred stock, payable on July 5. |
| Jun | 29 | Issued the stock dividend declared on May 14. |
| Jul. | 5 | Paid the cash dividend declared on June 4. |
| Jul | 20 | Split the common stock 2-for-1 and reduced the par value to $2.50 per share. |
| Aug. | 3 | Declared a property dividend, payable to common shareholders on September 14. The dividend consists of an available-for-sale investment in 50 Drot Company bonds. The bonds had been acquired for $45,000, but have a carrying value of $30,000. The bonds are currently selling for $20,000. |
| Sep. | 14 | Paid the property dividend declared on August 3. |
| Dec. | 3 | Declared the semiannual cash dividend on the outstanding preferred stock and a $0.90 per share annual dividend on the outstanding common stock. |
Required:
| 1. | Prepare journal entries to record the preceding transactions. |
| 2. | Prepare December 31, 2016, shareholders’ equity section (assume that 2016 net income was $270,000). |
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Included in the December 31, 2015, Jacobi Company balance sheet
was the following shareholders’ equity section:...
Comprehensive Instructions Chart of Accounts Labels and Amount Descriptions General Journal Balance Sheet Instructions Included in...
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