I. The December 31, 2016, the equity section of the balance sheet of Springer Company included the following:
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Common Stock $1 Par 20 million shares outstanding            $ 20,000,000
Paid in Capital in Excess of Par                                               100,000,000
Retained Earnings                                                                     115,000,000
Springer completed the following transactions in 2016 relating to treasury stock:
March 17: Reacquired 5 million shares at $10.
May 17: Reacquired 3 million shares at $9.
August 10: Sold 6 million shares at $12.
Required:Â a. Assuming Springer uses the cost method, prepare journal entries to record the foregoing transactions on a FIFO basis.Â
                  b. Prepare the stockholders’ equity section at August 31.
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II. The shareholders' equity section of Crystal Company’s balance sheet includes the items shown below.
Preferred stock, 6%, $100 par, 1,000,000 shares outstanding
Common stock, $1 par, 50,000,000 shares outstanding
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The board of directors of Crystal declared cash dividends of $3 million, $6 million, and $50 million in each of its first 3 years of operation: 2013, 2014, 2015, respectively.
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Required: Prepare a schedule showing the distribution of dividends by amount and per share of preferred and common stock for each of the three years. The preferred stock is cumulative and nonparticipating.Â
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Answers
Status NEW
Posted 21 Apr 2017 01:04 AM
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