Number of common shares authorized 900,000 Number of common shares issued 750,000 Par value of common shares $20 Par value of cumulative preferred shares $30 Paid-in capital in excess of par-common stock $7,000,000 Paid-in capital in excess of par-preferred stock $0 Total retained earnings before the stock dividend is declared $33,500,000 No treasury share have been reissued. Preferred Dividends Common Dividends Year Total Cash Dividends Total Per Share Total Per Share Year 1 40,000 40,000 0.20 0 0.00 Year 2 72,000 72,000 0.36 0 0.00 Year 3 122,000 68,000 0.34 54,000 0.09 Year 4 150,000 60,000 0.3 90,000 0.15 Year 5 168,000 60,000 0.3 108,000 0.18 Year 6 240,000 60,000 0.3 180,000 0.3 The company declared a 2% common stock dividend on December 1, and would like you to compute the following pieces of missing information. The market value of the common shares is $25 on December 1, and is $30 on the actual distribution date of the stock, December 31. Fill in the missing information in the following table, using the information given and your work on the other panels. All “before” items are before the stock dividend was declared. All “after” items are after the stock dividend was declared and closing entries were recorded at the end of the year. Total paid-in capital before the stock dividend $fill in the blank 50d2a6066fac046_1 Total retained earnings before the stock dividend fill in the blank 50d2a6066fac046_2 Total stockholders’ equity before the stock dividend $fill in the blank 50d2a6066fac046_3 Total paid-in capital after the stock dividend $fill in the blank 50d2a6066fac046_4 Total retained earnings after the stock dividend fill in the blank 50d2a6066fac046_5 Total stockholders’ equity after the stock dividend

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Number of common shares authorized	900,000
Number of common shares issued	750,000
Par value of common shares	$20
Par value of cumulative preferred shares	$30
Paid-in capital in excess of par-common stock	$7,000,000
Paid-in capital in excess of par-preferred stock	$0
Total retained earnings before the stock dividend is declared	$33,500,000
No treasury share have been reissued.

		Preferred Dividends	Common Dividends
Year	Total Cash Dividends	Total	Per Share	Total	Per Share
Year 1	40,000	40,000	0.20	0	0.00
Year 2	72,000	72,000	0.36	0	0.00
Year 3	122,000	68,000	0.34	54,000	0.09
Year 4	150,000	60,000	0.3	90,000	0.15
Year 5	168,000	60,000	0.3	108,000	0.18
Year 6	240,000	60,000	0.3	180,000	0.3

The company declared a 2% common stock dividend on December 1, and would like you to compute the following pieces of missing information. The market value of the common shares is $25 on December 1, and is $30 on the actual distribution date of the stock, December 31.

Fill in the missing information in the following table, using the information given and your work on the other panels. All “before” items are before the stock dividend was declared. All “after” items are after the stock dividend was declared and closing entries were recorded at the end of the year.

Total paid-in capital before the stock dividend	$fill in the blank 50d2a6066fac046_1
Total retained earnings before the stock dividend	fill in the blank 50d2a6066fac046_2
Total stockholders’ equity before the stock dividend	$fill in the blank 50d2a6066fac046_3

Total paid-in capital after the stock dividend	$fill in the blank 50d2a6066fac046_4
Total retained earnings after the stock dividend	fill in the blank 50d2a6066fac046_5
Total stockholders’ equity after the stock dividend