On January 1, 2021, Dreamy Company issued 30,000 shares of $2 par value common stock for $150,000. On March 1, 2021, the company purchased 6,000 shares of its common stock for $7 per share for the treasury. On June 1, 2021, 1,500 of the treasury shares are sold for $10 per share. On September 1, 2021, 3,000 treasury shares are sold at $5 per share. Journalize the stock transactions of Dreamy Company in 2021.

following transactions affect stockholders' equity during 2021, National League's first year of operations: February 2 Issue 1.5 million shares of common stock for $15 per share. February 4 Issue 400, 000 shares of preferred stock for $24 per share. June 15 Purchase 150,000 shares of its own common stock for $10 per share. August 15 Resell 112,500 shares of treasury stock for $25 per share. November 1 Declare a cash dividend on its common stock of $1.50 per share and a $400,000 (5% of par value) cash 2 dividend on its preferred stock payable to all stockholders of record on November 15. (Hint: Dividends are not paid on treasury stock.) November 30 Pay the dividends declared on November 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $4,700,000. (Amounts to be deducted should be indicated by a minus sign.) NATIONAL LEAGUE GEAR ces Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' equity:…

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The stockholders’ equity accounts of Grouper Company have the following balances on December 31, 2020. Common stock, $10 par,  290,000 shares issued and outstanding   $ 2,900,000 Paid-in capital in excess of par—common stock   1,120,000 Retained earnings   5,110,000 Shares of Grouper Company stock are currently selling on the Midwest Stock Exchange at $ 36.Prepare the appropriate journal entries for each of the following cases. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a)   A stock dividend of  7% is (1) declared and (2) issued. (b)   A stock dividend of 100% is (1) declared and (2) issued. (c)   A  2-for-1 stock split is (1) declared and (2) issued.   No. Account Titles and Explanation Debit Credit (a) (1) enter an account title for case A to record the declaration of stock dividends…

Knapp Industries began business on January 1, 2018 by issuing all of its 1,000,000 authorized shares of its $1 par value common stock for $40 per share. On June 30, Knapp declared a cash dividend of $2 per share to stockholders of record on July 31. Knapp paid the cash dividend on August 30. On November 1, Knapp reacquired 200,000 of its own shares of stock for $50 per share. On December 22, Knapp resold 100,000 of these shares for $60 per share. Required: Prepare the stockholders' equity section of the balance sheet as of December 31, 2018 assuming that the net income for the year was $6,000,000.

Cash Dividends on Common Stock Berkwild Company is authorized to issue 1,000,000 shares of common stock. At the beginning of 2019, Berkwild had 348,800 issued and outstanding shares. On July 2, 2019, Berkwild repurchased 1,310 shares of common stock. On March 1 and September 1, Berkwild declared a cash dividend of $1.10 per share. The dividends were paid on April 1 and October 1. Required: 1.  Prepare the entries to record the declaration of the two cash dividends. 2019 Mar. 1   fill in the blank 074ed9f9cfcefe3_2         fill in the blank 074ed9f9cfcefe3_4   (Record liability for dividends)     Sept. 1   fill in the blank 074ed9f9cfcefe3_6         fill in the blank 074ed9f9cfcefe3_8   (Record liability for dividends)     2.  Prepare the entries to record the payment of the two dividends. 2019 Apr. 1   fill in the blank ea873dfee06900c_2         fill in the blank ea873dfee06900c_4   (Record payment of dividends)     Oct. 1   fill in the blank…

Roberto Designers was organized on January 1, 2021. The firm was authorized to issue 120,000 shares of $4 par value common stock. During 2021, Roberto had the following transactions relating to stockholders' equity:Issued 12,000 shares of common stock at $6 per share.Issued 24,000 shares of common stock at $7 per share.Reported a net income of $120,000.Paid dividends of $60,000.Purchased 3,000 shares of treasury stock at $9 (part of the 24,000 shares issued at $7).What is total stockholders' equity at the end of 2021?

Richman Company had 100,000 shares of common stock outstanding as of January 1, 2020. The following common stock transactions occurred during 2020. March 1—Issued 20,000 shares for cash. June 1—Issued a 10% stock dividend. September 1—Reacquired 10,000 shares as treasury shares. November 1—Sold the 10,000 treasury shares for cash. Instructions: Compute the weighted-average common shares for 2020.

The stockholders' equity section of the December 31, 2019, balance sheet is provided below: Common Stock, $30 par, 20,000 shares issued and outstanding $600,000 Paid-in Capital in Excess of Par--Common Stock 240,000 Retained Earnings 700,000 Total Stockholders' Equity $1,540,000 Assume that all of the 20,000 shares of stock that was issued as of December 31, 2019, was issued for $42 per share. On March 1, 2020, the company reacquired 4,000 shares of its common stock for $50 per share.Refer to Ladder Distributors. What is the total amount of stockholders' equity that will be presented on the company's March 31, 2020, balance sheet? a.$1,340,000 b.$1,740,000 c.$1,372,000 d.$1,708,000

The stockholders’ equity accounts of Cheyenne Company have the following balances on December 31, 2020. Common stock, $10 par, 295,000 shares issued and outstanding   $2,950,000 Paid-in capital in excess of par—common stock   1,280,000 Retained earnings   5,950,000 Shares of Cheyenne Company stock are currently selling on the Midwest Stock Exchange at $39.Prepare the appropriate journal entries for each of the following cases. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a)   A stock dividend of 7% is (1) declared and (2) issued. (b)   A stock dividend of 100% is (1) declared and (2) issued. (c)   A 2-for-1 stock split is (1) declared and (2) issued.