Homework Answers
| 2 | Date | Account titles | Debit | Credit | |||||
| 02/04/2020. | Cash | (370000*32) | 11840000 | ||||||
| Common stock | (370000*8) | 2960000 | |||||||
| Paid-in capital in excess of par-common stock | (Plug) | 8880000 | |||||||
| 3/17/2020. | Cash | (130000*64) | 8320000 | ||||||
| Preferred stock | (130000*60) | 7800000 | |||||||
| Paid-in capital in excess of par-preferred stock | (Plug) | 520000 | |||||||
| 4/24/2020. | Preferred dividends | (Note:1) | 1260000 | ||||||
| Common dividends | 12350000 | ||||||||
| Preferred dividend payable | 1260000 | ||||||||
| Common dividend payable | 12350000 | ||||||||
| 5/31/2020. | Preferred dividend payable | 1260000 | |||||||
| Common dividend payable | 12350000 | ||||||||
| Cash | 13610000 | ||||||||
| 7/3/2020. | Cash | (Note:2) | 1250000 | ||||||
| Paid-in capital from treasury stock transactions | 60000 | ||||||||
| Retained earnings | (Plug) | 40000 | |||||||
| Treasury stock | 1350000 | ||||||||
| 8/15/2020. | No entry required | ||||||||
| 9/10/2020. | Stock dividend | (Note:3) | 20958000 | ||||||
| Common stock dividend distributable | 5988000 | ||||||||
| Paid-in capital in excess of par-common stock | 14970000 | ||||||||
| 10/15/2020. | Common stock dividend distributable | 5988000 | |||||||
| Common stock | 5988000 | ||||||||
| 11/18/2020. | Treasury stock | (190000*6) | 1140000 | ||||||
| Cash | 1140000 | ||||||||
| 12/14/2020. | Cash | (130000*9) | 1170000 | ||||||
| Treasury stock | (130000*6) | 780000 | |||||||
| Paid-in capital from treasury stock transactions | (Plug) | 390000 | |||||||
| 12/30/2020. | Retained earnings | 34568000 | |||||||
| Preferred dividends | 1260000 | ||||||||
| Common dividends | 12350000 | ||||||||
| Stock dividend | 20958000 | ||||||||
| 12/31/2020. | Income summary | (57000000-39000000) | 18000000 | ||||||
| Retained earnings | 18000000 | ||||||||
| Note:1 | |||||||||
| Preferred dividend: | |||||||||
| Preferred dividend=Total preferred stock in $*3% | |||||||||
| Preferred stock in $ as on May 15=34200000+7800000=$ 42000000 | |||||||||
| Preferred dividend=42000000*3%=$ 1260000 | |||||||||
| Common dividend: | |||||||||
| Common dividend=Shares outstanding*2.50 | |||||||||
| Shares outstanding as on May 15=4570000+370000=4940000 | |||||||||
| Common dividend=4940000*2.50=$ 12350000 | |||||||||
| Note:2 | |||||||||
| Number of shares in treasury stock=Common shares issued-Common shares outstanding=4620000-4570000=50000 shares | |||||||||
| Sales value of treasury stock=50000*25=$ 1250000 | |||||||||
| Note:3 | |||||||||
| Stock dividend in numbers=Common stock outstanding*Stock dividend % | |||||||||
| Common stock outstanding as on Sep 30: | |||||||||
| $ | |||||||||
| Common stock outstanding as on Jan 1 | 4570000 | ||||||||
| Add: | |||||||||
| Common stock issued on 2/4/2020 | 370000 | ||||||||
| Treasury stock sold on 7/3/2020 | 50000 | ||||||||
| Common stock outstanding as on Aug 15 | 4990000 | ||||||||
| Stock split of 4:1 | |||||||||
| Common stock outstanding as on Sep 30=4990000*(4/1)= 19960000 | |||||||||
| Stock dividend in numbers=19960000*15%=2994000 | |||||||||
| Par value after stock split=8*(1/4)=$ 2 | |||||||||
| Stock dividend in $=Stock dividend in number of shares*Market price=2994000*7=$ 20958000 | |||||||||
| Common stock=2994000*2=$ 5988000 | |||||||||
| Paid-in capital in excess of par-common stock=29940000*(7-2)=2994000*5=$ 14970000 | |||||||||
| 1 & 3. | Preferred stock | Paid-in capital in excess of par-preferred stock | |||||||
| Date | Debit | Date | Credit | Date | Debit | Date | Credit | ||
| Jan 1. | 34200000 | Jan 1. | 3910000 | ||||||
| Mar 17. | 7800000 | Mar 17. | 520000 | ||||||
| 0 | 42000000 | 0 | 4430000 | ||||||
| Bal. | 42000000 | Bal. | 4430000 | ||||||
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