Question

Eastline Corporation had 10,000 shares of $10 per value common stock directors declared a 15% stock dividend to its shareholders. At the time of the stock videod, the m ning when the board value per share was $12. The try to record e is dividend is Required: A What number of shares will be issued as a divend B. Using the account named "Stock Dividend Distributable prepare the journal entry to report the dividend on the declaration date. 8. A company is authorized to issue 50.000 shares of 50 par value, . cumulative, fully participating preferred stock, and 750,000 shares of s ur value common stock Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations May 3 Exchanged 2,000 shares of preferred stock for a building with a market value of $135.000. July 20 Sold 1,550 shares of preferred stock for $55 cash per share. Dec. 20 Sold 1,000 shares of common stock at $10 cash per share. 9. Prior to May 1, Fortune Company has never had any treasury stock transactions On May 15. The company repurchased 100 shares of its common stock for $5,000 On July 1: The company reissued 50 of these shares at S52 per share. On August 1: The company reissued 25 or its tresury shares at 559 per share Required: A. What is the balance (number of shares) of Treasury Stock remaining on and on August 2? B. Prepare the Journal entry to debit Treasury stock on May 15 C. Prepare the Journal entry for the July I sale. 10. Consider the partial Balance Sheet at 1/1/2019 below and respond to the questions: $500,000 50.00 S550.000 $750,000 Preferred stock, $50 par value, cumulative and nonparticipating. 10,000 hares outstanding Paid in capital in excess of par value preferred stock Total capital paid in by preferred stockholders. Common stock, 30.50 par valo 3.100,00 shares authorized, 1,500,000 shares outstanding Pald-in capital in excess of par value, common stock... Total capital paid-in by common stockholders Total paid-in capital....... .... ....... Retained earnings. ... ... Total stockholders' equity..... ... $1.450.000 S3.140.000 A. What is the meaning of "9% cumulative" on the Balance sheet? B. Prepare the Journal entry to close the $82,000 credit balance from Net Income), in the Income Summary Account to Retained Earnings at 12/31/19 C. What is the value of Retained Earnings at 1/1/2020? D. How many shares of Common stock did the Corporation sell?

Answer 1

Dear Student,

As per the HOMEWORKLIB POLICY, only the first question should be answered completely. kindly take note of it. Each new question should be posted separately.

Part A

Number of shares issued as a dividend = 10000 shares * 15% stock dividend = 1500 shares

Part B

No.	Account titles and explanation	Debit	Credit
1	Retained Earnings	18000
	Common Stock Dividend Distributable (1500*12)		18000
	(to record dividend on the declaration date)