(The following information applies to the questions displayed below.] Sun Corporation recelved a charter that authorized the Issuance of 86,000 shares of $3 par common stock and 20,000 shares of $100 par, 4 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 Jan. 5 sold 12,900 shares of the $3 par common stock for $5 per share. 12 sold 2,000 shares of the 4 percent preferred stock for $11e per share. Apr. 5 sold 17,200 shares of the $3 par connon stock for $7 per share. Dec. 31 During the year, earned $313, 200 in cash revenue and paid $242,30e for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1.. The dividend will be paid on February 15 to stockholders of record on January 10, Year 2. 31 closed the revenue, expense, and dividend accounts to the retained earnings account. Year 2 Feb. 15 Paid the cash dividend declared on Decenber 31, Year 1. Mar. 3 sold 3,000 shares of the $100 par preferred stock for $120 per share. 5 Purchased 55e shares of the connon stock as treasury stock at $6 per share. May Dec. 31 During the year, earned $251, 300 in cash revenues and paid $173,800 for cash operating expenses. 31 Declared the annual dividend on the preferred stock and a se. se per share dividend on the connon stock. 31 Closed revenue, expense, and dividend accounts to the retained earnings account.

Sun Corporation received a charter that authorized the issuance of 80,000 shares of $6 par common stock and 20,000 shares of $100 par, 8 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 Jan. 5 Sold 12,000 shares of the $6 par common stock for $8 per share. 12 Sold 2,000 shares of the 8 percent preferred stock for $110 per share. Apr. 5 Sold 16,000 shares of the $6 par common stock for $10 per share. Dec.31 During the year, earned $318,500 in cash revenue and paid $238,300 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record on January 10, Year 2. Year 2 Feb. 15 Paid the cash dividend declared on December 31, Year 1. Mar. 3 Sold 3,000 shares of the $100 par preferred stock for $120 per share. May. 5 Purchased 400 shares of the common stock as treasury stock at $12 per…

Required Information [The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized the issuance of 109,000 shares of $5 par common stock and 20,000 shares of $125 par, 8 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 January 5 Sold 16,350 shares of the $5 par common stock for $7 per share. January 12 Sold 2,000 shares of the 8 percent preferred stock for $135 per share. April 5 Sold 21,800 shares of the $5 par common stock for $9 per share. December 31 During the year, earned $302,300 in cash revenue and paid $238,900 for cash operating expenses. December 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record on January 10, Year 2. December 31 Closed the revenue, expense, and dividend accounts to the retained earnings account. Year 2 February…

Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 300,000 shares of $10 par common stock and 50,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $50 per share. The following stock transactions pertain to Eastport Incorporated during Year 1: 1.Issued 15,000 shares of common stock for $12 per share. 2.Issued 5,000 shares of the class A preferred stock for $51 per share. Repurchased as treasury stock 500 shares of common stock for $8 per share. Sold 100 shares of treasury stock for $14 per share. Declared a $130,000 total dividend. Paid the dividend, with appropriate amounts going to preferred stock and common stock investors. Eastport reported a $479,000 net income for the year. Required Prepare general journal entries for these transactions. What amount of dividends went to common stock shareholders & preferred stock shareholders?  Prepare the stockholders’ equity section of the balance sheet…

EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 8% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 1,500 shares of its own common stock at $12 per share. Apr. 10 Reissued 750 shares of its common stock held in the treasury for $16 per share. Jun. 12 Reissued 750 shares of common stock at $10 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 1   fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6 Apr. 10   fill in the blank 8 fill in the blank 9     fill in the blank 11 fill in the blank 12     fill in the blank 14 fill in the blank 15 Jun. 12   fill in the blank 17 fill in the blank 18     fill in the blank 20 fill in the blank 21     fill in the…

Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 370,000 shares of $9 par common stock and 60,000 shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Incorporated:  Issued 25,000 shares of common stock for $14 per share. Issued 14,000 shares of the class A preferred stock for $30 per share. Issued 49,000 shares of common stock for $17 per share. Requireda. Prepare general journal entries for these transactions.b. Prepare the stockholders’ equity section of the balance sheet immediately after these transactions.

The corporate charter of Blossom Corporation allows the issuance of a maximum of 4,260,000 shares of $1 par value common stock. During its first three years of operation, Blossom issued 2,215,200 shares at $15 per share. It later acquired 85,200 of these shares as treasury stock for $25 per share. Based on the above information, answer the following questions: (a) How many shares were authorized? Authorized shares i shares

Moon Corporation received a charter that authorized the issuance of 119,000 shares of $7 par common stock and 19,000 shares of $75 par, 8 percent cumulative preferred stock. Moon Corporation completed the following transactions during its first two years of operation. Year 1 January 5 Sold 17,850 shares of the $7 par common stock for $9 per share. January 12 Sold 1,900 shares of the 8 percent preferred stock for $85 per share. April 5 Sold 23,800 shares of the $7 par common stock for $11 per share. December 31 During the year, earned $302,000 in cash revenue and paid $240,100 for cash operating expenses. December 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record on January 10, Year 2. December 31 Closed the revenue, expense, and dividend accounts to the retained earnings account. Year 2 February 15 Paid the cash dividend declared on December 31, Year 1. March 3…

Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $39,200, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 70,000 shares of the common stock at $11 cash per share. b. Reacquired 3,000 shares at $14 cash per share from stockholders; the shares are now held in treasury. c. Reissued 1,500 of the shares in transaction (b) two months later at $17 cash per share. 3. Prepare the stockholders' equity section of the balance sheet at December 31. TIP: Because this is the first year of operations, Retained Earnings has a zero balance at the beginning of the year. (Amounts to be deducted should be indicated by a minus sign.) WORLDWIDE COMPANY Balance Sheet (Partial) At December 31 Stockholders' Equity

Blossom Corporation's charter authorized issuance of 105,000 shares of $10 par value common stock and 49,600 shares of $50 par value preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others. 1. 2. 3. 4. Issued a $10,900, 9% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $101 a share. Issued 510 shares of common stock for equipment. The equipment had been appraised at $7,300; the seller's book value was $6,100. The most recent market price of the common stock is $17 a share. Issued 252 shares of common and 126 shares of preferred for a lump sum amounting to $10,400. The common had been selling at $15 and the preferred at $70. Issued 180 shares of common and 53 shares of preferred for equipment. The common had a fair value of $17 per share: the equipment has a fair value of $6,600. Record the transactions listed above in journal entry form.…