▪ Issued 4,800 shares of $2 par value common stock for $26. It authorized 20,000 shares. • Issued 1,200 shares of 12%, $10 par value preferred stock for $31. It authorized 3,000 shares. Reacquired 240 shares of common stock for $38 each. . • Retained earnings is impacted by reported net income of $58,000 and cash dividends of $19,000.

Dwight Corporation in its first year of operations had the following stock transactions.             Record each transaction in the journal provided.                           Mar 3 Issued 10,000 shares of common stock, $1 par value, for cash of $50,000.                         Apr 12 Issued 500 shares of preferred stock, $10 par value, for cash of $12,500.                         Jul 8 Issued 2,000 shares of preferred stock, $10 par value, in exchange for land             valued at $60,000.

Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 41,000 shares at $10 share. Jun. 10 Issued 150,000 shares in exchange for land with a clearly determined value of $850,000. Aug. 3 Purchased 8,000 shares of treasury stock at $8 per share. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31 Cash  fill in the blank 6111daf96023f8f_2 fill in the blank 6111daf96023f8f_3   Common Stock  fill in the blank 6111daf96023f8f_5 fill in the blank 6111daf96023f8f_6   Additional Paid-in Capital from Common Stock  fill in the blank 6111daf96023f8f_8 fill in the blank 6111daf96023f8f_9 Jun. 10 Land  fill in the blank 6111daf96023f8f_11 fill in the blank 6111daf96023f8f_12   Common Stock  fill in the blank 6111daf96023f8f_14 fill in the blank 6111daf96023f8f_15   Additional Paid-in…

24. The board of directors of Elston Inc. declared a $0.60 per share cash dividend on its $1 par common stock. On the date of declaration, there were 50,000 shares authorized, 20,000 shares issued, and 5,000 shares held as treasury stock. What is the entry for the dividend declaration? A. Retained earnings Cash dividends payable B. Retained earnings Cash C. Retained earnings Cash dividends payable D. Retained earnings Cash 9,000 9,000 10,000 10,000 9,000 9,000 10,000 10,000

vi.3

Refer to the following transactions. Sold 2,930 shares of $11 par value preferred stock at $14.00 per share. Declared the annual cash dividend of $2.1 per share on common stock. There were 9,000 shares of $1 par value common stock issued and outstanding throughout the year. Issued 3,400 shares of $9 par value preferred stock in exchange for a building when the market price of preferred stock was $13.5 per share. Purchased 120 shares of preferred stock for the treasury at a price of $14.00 per share. Sold 110 shares of the preferred stock held in treasury (see d) for $18 per share. Declared and issued a 16% stock dividend on the $1 par value common stock (see b) when the market price per share was $38.   Prepare the journal entries to record each of the above transactions.

If Dakota Company issues 3,000 shares of $9 par common stock for $45,000, a.Paid-In Capital in Excess of Par will be credited for $27,000. b.Paid-In Capital in Excess of Par will be credited for $18,000. c.Cash will be debited for $27,000. d.Common Stock will be credited for $45,000

Consider the following events: •     25,000 shares of preferred stock, cumulative, 5%, $40 par was issued for $60/share. •     The annual cash dividend was declared and paid to the above preferred stock. •     The company purchased 12,000 shares of common stock at $68 per share to be held as Treasury stock. •     Interest of $32,000 was paid to bondholders. •     Bonds Payable with a par value of $400,000 were retired at $432,000. Compute the net cash flow from financing activities (parentheses indicate an outflow).

OM, Inc. was organized on January 1, 20X5. The firm was authorized to issue 1,000,000 shares of $3 par value common stock.  During 20X5, OM had the following transactions relating to stockholders' equity:  Issued 50,000 shares of common stock at $7 per share. Issued 30,000 shares of common stock at $8 per share. Reported a net income of $100,000. Paid dividends of $50,000. What is the total amount recorded in the Common Stock account at the end of 20X5?   Select one: a. $240,000 b. $160,000 c. $80,000 d. $-0- e. $590,000

Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: Record on journal page 10: Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually.   16 Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding.   26 Paid the cash dividends declared on May 16. Jun. 8 Purchased 8,000 shares of treasury common stock at $33 per share.   30 Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. Jul. 11 Paid the cash dividends to the preferred…