Reference no: EM133127762
Question - Dastlepoint, Inc. reported the following shareholders' equity section as of the beginning of the current year:
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Contributed Capital:
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Common Stock, $1 par value, 3,850,000 shares authorized, 500,000 shares issued, and 460,000 shares outstanding
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500,000
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Additional Paid-in Capital in Excess of Par - Common
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11,650,000
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Total Contributed Capital
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12,150,000
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Retained Earnings
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4,550,450
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Accumulated Other Comprehensive Income
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558,600
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Less: Treasury Stock (40,000 common shares at cost)
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(870,000)
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Total Stockholders' Equity
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16,389,050
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During the current year, Dastlepoint engaged in the following transactions affecting the stockholders' equity section of its current balance sheet.
1. Issued 200,000 shares of its $1 par value common stock at $30 per share. The underwriter charged a 3% fee for issuing the shares. The stock issue costs are not capitalized separately.
2. Issued 257,000 shares of $10 par value 6% preferred stock (1,250,000 authorized) at $40 per share. These shares were privately placed and Dastlepoint did not pay stock issue costs.
3. Purchased 100,000 shares of common stock at $32 per share.
4. Declared a $220,000 dividend for the first half of the year. (The declarations should be recorded separately for the common and the preferred shares.)
5. Sold 55,000 of the treasury shares at $44 per share. (The 40,000 treasury shares on hand at the beginning of the year are considered sold first).
6. Paid the cash dividend for the first half of the year.
7. Reported net income of $1,580,500 for the current year.
8. In addition to the net income, Dastlepoint incurred a $401,000 unrealized loss on an available-for-sale debt investment.
9. Declared a $220,000 cash dividend for the second half of the year. (The declarations should be recorded separately for the common and the preferred shares.)
10. Closed out all dividend accounts.
Required -
A. Prepare all journal entries required to record those transactions.
B. Construct the shareholders' equity section for the year-end balance sheet.
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