Reference no: EM132643523
Question - Inge Co. had the following accounts (among others) in its general ledger at December 31, 2020:
Bonds payable, 8%, due in 5 years 80,000
Premium on bonds payable 8,000
Additional paid-in capital, preferred stock 17,600
Net gain on foreign currency translation 41,000
Cash dividend payable, common stock 9,000
Stock dividend distributable, common stock 10,000
Sinking fund 37,000
Additional paid-in capital, common stock 32,400
Net actuarial loss on pension obligation 11,000
Investment in U.S. Treasury notes 24,000
Treasury stock, common stock, at cost of $100 per share 60,000
Preferred stock, $10 par value, 6%, 100,000 shares authorized, ? shares issued, ? shares outstanding 200,000
Reserve for sinking fund 37,000
Retained earnings, unappropriated 263,000
Common stock, $ ? stated value, ? shares issued, 24,400 shares outstanding 100,000
Required - Using the applicable information from the above listing, create statement of shareholders' equity for Inge Co., as of December 31, 2020.
Provide all the journal entries necessary for The Seeplus Company's stockdividend.
As of January 2, 2020, The Seeplus Company had the following items in its capital structure:
Preferred stock, 6%, $5 par value, 100,000 shares authorized, 80,000 shares issued, 60,000 shares outstanding, convertible into 42,000 shares of common stock.
Common stock, $4 stated value, 40,000 shares authorized, 25,000 shares issued, 6,000 shares in the treasury.
Retained earnings of $612,000.
On August 1, 2020, Seeplus's governing board declared a 15% commonstock dividend, for holders of record at September 1, 2020, when the market value of the common stock was $7 per share and the market value of the preferred stock was $9 per share.
When the dividend was distributed on October 1, 2020, 30% of the dividend was issued in the form of fractional-share stock rights.
On December 31, 2020, Seeplus was notified by its stock transfer agent that 60% of the fractional-share stock rights had been exchanged for common stock, and the remaining fractional-share stock rights had expired.