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On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 253,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 11,500 shares outstanding Retained earnings Treasury stock, at cost, 5,300 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: $ 253,000 506,000 115,000 1,150,000 2,300,000 26,500 Declared a property dividend of 100,000 shares of Burak Company (book value $10.3 per share, fair value $9.15 per share).

On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 253,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 11,500 shares outstanding Retained earnings Treasury stock, at cost, 5,300 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: $ 253,000 506,000 115,000 1,150,000 2,300,000 26,500 Declared a property dividend of 100,000 shares of Burak Company (book value $10.3 per share, fair value $9.15 per share).

FINANCIAL ACCOUNTING
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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On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 253,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 11,500 shares outstanding Retained earnings Treasury stock, at cost, 5,300 shares. During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 20: Shareholders' equity Retained earnings Declared a property dividend of 100,000 shares of Burak Company (book value $10.3 per share, fair value $9.15 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 3% 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. Paid the cash dividend. Required: Without preparing journal entries, prepare the shareholders' equity section of Dolar's balance sheet as of December 31, 2024. Assume net income is $530,000 for 2024. Note: Negative amounts should be entered with a minus sign. $ 253,000 506,000 115,000 1,150,000 2,300,000 26,500 Dolar Incorporated Balance Sheet (Partial) December 31, 2024 Total shareholders' equity $ 2,300,000 $ 2,300,000
Transcribed Image Text:On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 253,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 11,500 shares outstanding Retained earnings Treasury stock, at cost, 5,300 shares. During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 20: Shareholders' equity Retained earnings Declared a property dividend of 100,000 shares of Burak Company (book value $10.3 per share, fair value $9.15 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 3% 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. Paid the cash dividend. Required: Without preparing journal entries, prepare the shareholders' equity section of Dolar's balance sheet as of December 31, 2024. Assume net income is $530,000 for 2024. Note: Negative amounts should be entered with a minus sign. $ 253,000 506,000 115,000 1,150,000 2,300,000 26,500 Dolar Incorporated Balance Sheet (Partial) December 31, 2024 Total shareholders' equity $ 2,300,000 $ 2,300,000
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