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Homework answers / question archive / Prepare the issuer's journal entry for each of the following separate transactions
Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Co. issues 47,500 shares of $4 par value common stock for $312,500 cash. b. On April 1, OP Co. issues no-par value common stock for $80,000 cash. c. On April 6, MPG issues 3,000 shares of $15 par value common stock for $49,000 of inventory, $150,000 of machinery, and acceptance of a $99,000 note payable. View transaction list Journal entry worksheet Record the issuance of 47,500 shares of $4 par value common stock for $312,500 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit a.
appnes 10 uesli displayed York's outstanding stock consists of 60,000 shares of noncumulative 8.0% preferred stock with a $5 par value and also 280,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends: 2015 total cash dividends 2016 total cash dividends 2017 total cash dividends 2018 total cash dividends $ 13,200 22,000 240,000 390,000 Determine the amount of dividends paid each year to each of the two classes of stockholders: preferred and common. Also compute the total dividends paid to each class for the four years combined. (Round your "Dividend per Preferred Share" answers to 3 decimal places.) Par Value per Preferred Share Dividend Rate Dividend per Number of Preferred Preferred Share Shares Preferred Dividend Annual Preferred Dividend: Total Cash Dividend Paid Paid to Preferred Paid to Common Dividends in Arrears at year-end 2015 $ 13,200 2016 2017 22,000 240,000 390,000 665,200 2018 Total: 0 Prev 1 of 9 Next >
| TR | General Journal | Debit | Credit | ||||
| 1-Mar | Cash | 312,500 | |||||
| Common Stock | (47500*4) | 190000 | |||||
| paid in capital in excess of par value,common stock | 122,500 | ||||||
| 1-Apr | Cash | 80,000 | |||||
| Common stock,no par value | 80,000 | ||||||
| 6-Apr | inventory | 49,000 | |||||
| Machinery | 150,000 | ||||||
| notes payable | 99,000 | ||||||
| Common Stock | (3000*15) | 45000 | |||||
| paid in capital in excess of par | 55,000 | ||||||
| Par value | Dividend | Dividend | Number of | Preferred | |||
| per | Rate | per | Preferred | Dividend | |||
| Preferred | Preferred | Shares | |||||
| Share | Share | ||||||
| Annual Preferred Dividends | 5 | 8.00% | 0.400 | 60,000 | 24000 | ||
| total | paid to | paid to | Dividend in | ||||
| Cash | preferred | common | Arreat at | ||||
| div paid | yr end | ||||||
| 2015 | 13,200 | 13,200 | |||||
| 2016 | 22,000 | 22,000 | |||||
| 2017 | 240,000 | 24,000 | 216,000 | ||||
| 2018 | 390,000 | 24000 | 366,000 | ||||
| total | 665,200 | 83,200 | 582,000 | ||||
| since preferred shares are non cumulative no arrears on dividend will be paid. | |||||||
