Can you help me with this problem with step by step explanation, please? Thank you :)  On January 1, 2021, Gerlach Inc. had the following account balances in its shareholders' equity accounts.         Common stock, $1 par, 247,000 shares issued $ 247,000 Paid-in capital—excess of par, common   494,000 Paid-in capital—excess of par, preferred   165,000 Preferred stock, $100 par, 16,500 shares outstanding   1,650,000 Retained earnings   3,300,000 Treasury stock, at cost, 4,700 shares   23,500     During 2021, Gerlach Inc. had several transactions relating to common stock.   January   15:   Declared a property dividend of 100,000 shares of Slowdown Company (book value $11.3 per share, fair value $9.65 per share). February   17:   Distributed the property dividend. April   10:   A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital—excess of par.) The fair value of the stock was $4 on this date. July   18:   Declared and distributed a 4% stock dividend on outstanding common stock; fair value per share, $5. December   1:   Declared a 50 cents per share cash dividend on the outstanding common shares. December   20:   Paid the cash dividend.   Required: Record the above transactions and events in journal entry format.

Wheaton Tire Inc., [WTI] reported the following excerpts from shareholders’ equity on January 1, 2021:             Preferred shares, 0.90, 300,000 issued and outstanding         $6,000,000             Common shares, 400,000 issued and outstanding                  $4,400,000 The company declared and paid a cash dividend on February 1, 2021 of $1,400,000. Dividends had not been declared for the past two years, 2019 and 2020.   now assume that for this question only that the preferred shares were non cumulative and fully participating. How much will each shareholder group receive? Select one: a. All $1,400,000 to Common since the Preferred are non-participating. b. Each group receives an equal amount of $700,000 per group. c. $270,000 to Preferred and $1,130,000 to Common. d. $807,692 to Preferred and $592,308 to Common. e. None of the above.

Wheaton Tire Inc., [WTI] reported the following excerpts from shareholders’ equity on January 1, 2021:             Preferred shares, 0.90, 300,000 issued and outstanding         $6,000,000             Common shares, 400,000 issued and outstanding                  $4,400,000 The company declared and paid a cash dividend on February 1, 2021 of $1,400,000. Dividends had not been declared for the past two years, 2019 and 2020.  However, now assume that for this question only that the preferred shares were cumulative and participating in excess distributable dividends after allocating common shareholders a minimum dividend of $0.80 per share.  How much will each shareholder group receive?

The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020: Shareholders' Equity ($ in millions) Common stock, 200 million shares at $1 par $ 200 Paid-in capital—excess of par 1,600 Paid-in capital—share repurchase 2 Retained earnings 1,000 Required: 1. During 2021, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are (a) retired and (b) viewed as treasury stock. On February 5, 2021, TNL Systems purchased 8 million shares at $12 per share. On July 9, 2021, the corporation sold 3 million shares at $14 per share. On November 14, 2023, the corporation sold 3 million shares at $9 per share. 2. Prepare the shareholders’ equity section of TNL Systems’ balance sheet at December 31, 2023, comparing the two approaches. Assume all net income earned in 2021–2023 was distributed to…

A3

Post these transaction to T account .

The shareholders’ equity section of Superior Corporation’s balance sheet as of December 31, 2018, is as follows:                                                                    1. Prepare journal entries for each of the above transactions.                            2. Calculate the number of authorized, issued, and outstanding common shares as of December 31, 2019.                                                                        3. Calculate Superior’s legal capital at December 31, 2019.

Please show the solution in good accounting form. 5. How much is the TOTAL treasury share capital?  6. How much is the Retained earnings, END?  7. How much is the Retained earnings, end - UNAPPROPRIATED?

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