Financial Accounting Stockholders Equity And Retained Earnings Homework Help
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The stockholders” equity section of Sager Company”s 2008 December 31, balance sheet follows
|Preferred stock – $60 par value, 5%; authorized, 5,000 shares;||$150,000|
|issued and outstanding, 2,500 shares|
|Common stock – without par or stated value; authorized,||225,000|
|50,000 shares; issued, 25,000 shares of which 500 are held in|
|Paid-in capital in excess of par – preferred||3,000|
|Total paid-in capital||$378,000|
|For plant expansion||$15,000|
|Unappropriated (restricted as to dividends to the extent of|
|$6,000, the cost of the treasury stock held)||126,000|
|Total retained earnings||141,000|
|Total paid-in capital and retained earnings||$519,000|
|Less: Treasury stock, common, at cost (500 shares)||6,000|
|Total stockholders” equity||$513,000|
Following are selected transactions that occurred in 2009:
Jan. 13 Cash was received for 550 shares of previously unissued common stock at USD 13.20.
Feb. 4 A plot of land was accepted as payment in full for 500 shares of common stock, and the stock was issued. Closing market price of the common stock on this date was USD 12 per share.
Mar. 24 All of the treasury stock was reissued at USD 14.40 per share.
June 23 The regular semiannual dividend on the preferred stock was declared.
30 The preferred dividend was paid.
July 3 A 10 percent stock dividend was declared on the common stock. Market price on this date was USD 16.80.
July 18 The stock dividend shares were issued.
Oct. 4 The company reacquired 105 shares of its common stock at USD 14.40.
Dec. 18 The regular semiannual dividend on the preferred stock and a USD 0.24 per share dividend on the common stock were declared.
Dec. 31 Both dividends were paid.
Dec. 31 An additional appropriation of retained earnings of USD 3,000 for plant expansion was authorized.
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a. Prepare journal entries to record the 2009 transactions.
b. Prepare a statement of retained earnings for the year 2009, assuming net income for the year was USD 25,800.
c. Prepare the stockholders equity section of the 2009 December 31, balance sheet.
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