Reference no: EM132597201
Questions -
Q1- Imaging Inc., a developer of radiology equipment, has stock outstanding as follows: 12,000 shares of cumulative preferred 3% stock, $120 par, and 40,000 shares of $20 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $28,920; second year, $67,480; third year, $80,480; fourth year, $98,800.
Compute the dividends per share on each class of stock for each of the four years. Round all answers to two decimal places. If no dividends are paid in a given year, enter "0".
Q2- On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 73,000 shares of $10 par common stock at $12, and on November 19, it issued for cash 16,510 shares of preferred stock, $45 par at $54.
A. Journalize the entries for October 31 and November 19. Refer to the Chart of Accounts for exact wording of account titles.
B. What is the total amount invested (total paid-in capital) by all stockholders as of November 19?
Q3- The declaration, record, and payment dates in connection with a cash dividend of $129,100 on a corporation's common stock are January 12, March 13, and April 12. Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.
Q4- Lawn Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Lawn Spray Inc. reacquired 19,600 shares of its common stock at $19 per share. On June 14, 13,700 of the reacquired shares were sold at $25 per share, and on November 23, 4,700 of the reacquired shares were sold at $20.
Required:
A. Journalize the transactions of January 31, June 14, and November 23. Refer to the Chart of Accounts for exact wording of account titles.
B. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?
C. What is the balance in Treasury Stock on December 31 of the current year?
D. How will the balance in Treasury Stock be reported on the balance sheet?