Homework answers / question archive / Foley Corporation has the following capital structure at the beginning of the year:  4% Preferred stock, 550 par value, 20,000 shares authorized, 5,000 shares issued and outstanding 5250,000 Common stock, 510 par value, 60,000 shares authorized, 38,000 shares issued and outstanding 380,000 Paid-in capital in excess of par 108,000 Total paid-in capital 738,000 Retained earnings 450,000 Total stockholders' equity 51,188,000  Record the following transactions which occurred consecutively

Foley Corporation has the following capital structure at the beginning of the year:  4% Preferred stock, 550 par value, 20,000 shares authorized, 5,000 shares issued and outstanding 5250,000 Common stock, 510 par value, 60,000 shares authorized, 38,000 shares issued and outstanding 380,000 Paid-in capital in excess of par 108,000 Total paid-in capital 738,000 Retained earnings 450,000 Total stockholders' equity 51,188,000  Record the following transactions which occurred consecutively

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Foley Corporation has the following capital structure at the beginning of the year: 
4% Preferred stock, 550 par value, 20,000 shares authorized, 5,000 shares issued and outstanding 5250,000 Common stock, 510 par value, 60,000 shares authorized, 38,000 shares issued and outstanding 380,000 Paid-in capital in excess of par 108,000 Total paid-in capital 738,000 Retained earnings 450,000 Total stockholders' equity 51,188,000 

Record the following transactions which occurred consecutively. (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.)

1.A total cash dividend of $75,000 was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts.

2.A 15% common stock dividend was declared. The average fair value of the common stock is $21 a share.

3.Assume that net income for the year was $132,000 (record the closing entry) and the board of directors appropriated $74,000 of retained earnings for plant expansion.

Construct the stockholders' equity section incorporating all the above information.