FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Common stock, $1 par, 244,000 shares issued
Paid-in capital-excess of par, common
Paid-in capital-excess of par, preferred
Preferred stock, $100 par, 18,000 shares outstanding
Retained earnings
Treasury stock, at cost, 4,400 shares
$ 244,000
488,000
180,000
1,800,000
3,600,000
22,000
During 2024, Dolar Incorporated had several transactions relating to common stock.
January 15:
February 17:
April 10:
July 18:
December 1:
Declared a property dividend of 100,000 shares of Burak Company (book value $11.6 per share, fair value $9.80
per share).
Distributed the property dividend.
A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a
stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on
this date.
Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share.
Declared a 50 cents per share cash dividend on the outstanding common shares.
December 20: Paid the cash dividend.
Required:
Without preparing journal entries, prepare the shareholders' equity section of Dolar's balance sheet as of December 31, 2024. Assum
met income is $440,000 for 2024.
Note: Negative amounts should be entered with a minus sign.
Answer is not complete.
Dolar Incorporated
Balance Sheet (Partial)
December 31, 2024
Shareholders' equity
Common stock
502,768
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Transcribed Image Text:Common stock, $1 par, 244,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 18,000 shares outstanding Retained earnings Treasury stock, at cost, 4,400 shares $ 244,000 488,000 180,000 1,800,000 3,600,000 22,000 During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: Declared a property dividend of 100,000 shares of Burak Company (book value $11.6 per share, fair value $9.80 per share). Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share. Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. Required: Without preparing journal entries, prepare the shareholders' equity section of Dolar's balance sheet as of December 31, 2024. Assum met income is $440,000 for 2024. Note: Negative amounts should be entered with a minus sign. Answer is not complete. Dolar Incorporated Balance Sheet (Partial) December 31, 2024 Shareholders' equity Common stock 502,768
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