I-14.04 Dry Dock Container Corporation began operations in early 20X5, when it issued 200,000
shares of $3 par value common stock for $10 per share. The following additional equityrelated transactions occurred during 20X5.
Transaction A:
Issued 50,000 shares of $100 par value, 6%, cumulative preferred at $102 per share.
Transaction B:
Reacquired 10,000 common shares for treasury at $12 per share.
Transaction C:
Declared the full cash dividend on the preferred and $0.10 per share on the
outstanding common shares.
Transaction D:
Paid the previously declared dividends.
Transaction E:
Sold 10,000 treasury shares at $15 per share.
Transaction F:
Declared and issued a 2% common stock dividend. The dividend occurred
subsequent to the above described treasury stock transactions. The market value of the
stock was $13 per share.
Transaction G:
Reacquired 20,000 common shares for treasury at $11 per share.
Transaction H:
Closed the annual net income of $800,000 from Income Summary to Retained
Earnings. (a) Prepare journal entries for the above described transactions.
(b) Prepare the 20X5 statement of stockholders' equity reflecting the above described
transactions.
(c) Prepare the stockholders' equity section of Dry Dock's balance sheet at December
31, 20X5. Name:
Date: I-14.04(a) Section: (a)
GENERAL JOURNAL Date Accounts
Cash
Common Stock
Pd-in Cap in Excess of Par - CS
To record issuance of 200,000 shares
of $3 par value common stock at $10
per share A B C D Debit Credit 2,000,000
600,000
1,400,000 Name:
Date: I-14.04(a) Section: GENERAL JOURNAL Date
E F G H Accounts Debit Credit Name:
Date: I-14.04 Section: Dry Dock Container Corporation
Statement of Stockholders' Equity
For the Year Ending December 31, 20X5 Preferred
Stock,
$100 Par Common
Stock, $3
Par Paid-in
Paid-in
Capital
Capital
in Excess in Excess
of Par - PS of Par - CS Retained
Earnings Treasury
Stock $ $ $ $ Balance - Januar $ - Issue common sh - - - - - - - Issue preferred - - - - - - - Purchase treasur - - - - - - - Cash dividends - - - - - - - Reissue treasury - - - - - - - Net income - - - - - - - Stock dividend - - - - - - - Balance on Dec $ - $ - - $ - - $ $ - - $ - Total
Stockholders'
Equity - $ - - $ $ - - Name:
Date: I-14.04(c) Section: (c) Stockholders' Equity
Capital stock:
Preferred stock, $ Common stock, - - $ - Additional paid-in capital:
$ - Total paid-in capital $ - $ - Total stockholders' equity $ -

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