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Category > Accounting Posted 23 Jun 2017 My Price 8.00

Comprehensive - Included in the December 31, 2006 Jacobi Company balance sheet

Comprehensive - Included in the December 31, 2006 Jacobi Company balance sheet was the following stockholders’ equity section:

Preferred stock, 6%, $100 par

$200,000

Premium on preferred stock

12,000

$212,000

Common stock, $5 par

$150,000

Premium on common stock

240,000

390,000

Total contributed capital

$602,000

Retained earnings

627,000

Accumulated other comprehensive income (loss)

Unrealized decrease in value of available-for-sale securities

41,000

Contributed capital, retained earnings, and accumulated other comprehensive income

$1,188,000

Less: Treasury stock (1,000 shares of common stock at cost, acquired on 2/3/2006)

20,000

Total Stockholders’ Equity

$1,168,000

The company engaged in the following stock transactions during 2007:

Jan. 2 Paid the semiannual dividend on the outstanding preferred stock and a $1.60 per share annual dividend on the outstanding common stock. These dividends had been declared on December 1 of 2006.

Jan. 5 Issued 500 shares of preferred stock at $110 per share.

Jan. 23 Issued 4,000 shares of common stock at $23 per share.

Apr. 2 Reissued 700 shares of treasury stock at $24 per share.

May 14 Declared a 10% stock dividend on the outstanding common stock, payable on June 29. The common stock is currently selling for $25 per share.

June 5 Declared the semiannual cash dividend on the outstanding preferred stock, payable on July 5.

June 29 Issued the stock dividend declared on May 15.

July 5 Paid the cash dividend declared on June 5.

July 20 Split the common stock two for one and reduced the par value to $2.50 per share.

Aug. 3 Declared a property dividend, payable to common stockholders on September 14. The dividend consists of an investment in 5,000 shares of available-for-sale Drot Company common stock. The stock had been acquired at $9 per share, but has a carrying value of $6 per share. The stock is currently selling for $4 per share.

Sept. 14 Paid the property dividend declared on August 3.

Dec. 3 Declared the semiannual cash dividend on the outstanding preferred stock and a $0.90 per share annual dividend on the outstanding common stock.

Required

1. Prepare journal entries to record the preceding transactions.

 

2. Prepare the December 31, 2007 stockholders’ equity section (assume that 2007 net income was $270,000).

Answers

Alpha Geek
(8)
Status NEW Posted 23 Jun 2017 07:06 AM My Price 8.00

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Attachments

file 1498204763-571495_1_636337100683544092_Stockholders--Equity-transactions.xlsx preview (628 words )
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