Answer please will upvote The stockholders' equity accounts of Martinez Corp. on January 1, 2022, were as follows.Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized)$300,000Common Stock ($4 stated value, 300,000 shares authorized)1,000,000Paid-in Capital in Excess of Par Value-Preferred Stock15,000Paid-in Capital in Excess of Stated Value-Common Stock480,000Retained Earnings689,000Treasury Stock (5,000 common shares)40,000During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity.Feb.1Issued 5,000 shares of common stock for $30,000.Mar. 20Purchased 1,000 additional shares of common treasury stock at $8 per share.Ot.1Declared a 7% cash dividend on preferred stock, payable November 1. Nov.1Paid the dividend declared on October 1.Dec.1Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31,2022.Dec. 31Paid the dividend declared on December 1.(a)-(b)(a)Prepare a tabular summary that includes the January 1, 2022, balances. Do not include the beginning balance in Retained(b)Record the 2022 transactions in the tabular summary.Include margin explanations for the changes in revenues and expenses. (Round answers to 0 decimal places, e.g. 5,275. If atransaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amountentered for the particular Asset, Liability or Equity item that was reduced.)AssetsLiabilities

As per Accounting Equation,Assets =Liabilities +Paid-in Capital – Treasury Stock + Revenues –…

The stockholders' equity accounts of Martinez Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) $300,000 Common Stock ($4 stated value, 300,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Par Value-Preferred Stock 15,000 Paid-in Capital in Excess of Stated Value-Common Stock 480,000 Retained Earnings 689,000 Treasury Stock (5,000 common shares) 40,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 5,000 shares of common stock for $30,000. Mar. 20 Purchased 1,000 additional shares of common treasury stock at $8 per share. Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1.

The stockholders' equity accounts of Martinez Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) $300,000 Common Stock ($4 stated value, 300,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Par Value-Preferred Stock 15,000 Paid-in Capital in Excess of Stated Value-Common Stock 480,000 Retained Earnings 689,000 Treasury Stock (5,000 common shares) 40,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 5,000 shares of common stock for $30,000. Mar. 20 Purchased 1,000 additional shares of common treasury stock at $8 per share. Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 18P

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