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Assignment
Instructions:
Carlyon Company listed the following items in its December 31, 2015, financial statements:
Investment in Man Company bonds
$25,000
Dividends payable: preferred
4,000
Dividends payable: common
40,000
Preferred stock, 8%, $100 par
100,000
Common stock, $10 par
400,000
Additional paid-in capital on preferred stock
20,000
Additional paid-in capital on common stock
210,000
Retained earnings
270,000
During 2016, the following transactions occurred:
Feb.
2
Paid the semiannual dividends declared on December 15, 2015.
Mar.
5
Declared a property dividend, payable to common shareholders on April 5 in Man Company bonds being held to maturity. The bonds (which have a book value of $25,000) have a current market value of $31,000.
Apr.
Paid the property dividend.
July
6
Declared a $4 per share semiannual cash dividend on preferred stock and a $1.10 per share semiannual dividend on common stock, to be paid on August 17.
Aug.
17
Paid the cash dividends.
Oct.
15
Declared a 2% stock dividend on common stock to be issued on December 3. The current market price is $22 per share.
Dec.
3
Issued the stock dividend.
28
Declared a $4 and $1.20 per share semiannual cash dividend on preferred and common stock, respectively, to be paid on February 15, 2017.
Required:
Next Level Prepare journal entries to record the preceding transactions.
CHART OF ACCOUNTS
Carlyon Company
General Ledger
ASSETS
111
Cash
121
Accounts Receivable
141
Inventory
152
Prepaid Insurance
181
Equipment
189
Accumulated Depreciation
191
Investment in Bonds
LIABILITIES
211
Accounts Payable
231
Salaries Payable
250
Unearned Revenue
261
Income Taxes Payable
272
Property Dividends Payable
273
Dividends Payable: Preferred
274
Dividends Payable: Common
EQUITY
311
Common Stock
315
Common Stock to be Distributed
324
Additional Paid-in Capital from Stock Dividend
331
Retained Earnings
Prepare journal entries to record the 2016 transactions.
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