Equity transactions and statement preparation

Reference no: EM13986373

(Equity Transactions and Statement Preparation)

On April 21, 2014, Alligator Corporation received a charter granting the right to issue 100,000 shares of $100 par value, 6% cumulative and nonparticipating preferred stock, and 1,000,000 shares of $1 par value common stock. It then Apr. 28 Issued 100,000 shares of common stock at $23 per share. Jul. 16 Issued 6,000 shares of preferred stock to Thevenot Corporation for the following assets: equipment with a fair value of $76,000; a warehouse with a fair value of $240,000; and land with an appraised value of $320,000. Aug 6 Purchased 750 shares of common stock at $26 per share. (Use cost method.) Sep. 17 Sold the 750 treasury shares at $27 per share. Dec. 31 Declared a $0.10 per share cash dividend on the common stock and declared the preferred dividend. Dec. 31 Closed the Income Summary account. There was a $96,900 net income.

Instructions

(a) Record the journal entries for the transactions listed above.

(b) Prepare the stockholders' equity section of Alligator Corporation's balance sheet as of December 31, 2014

Reference no: EM13986373

Questions Cloud

Unemployment-employment and economic growth : What's the difference between real GDP and real GDP per capita? Which one is more important? Why? What are your thoughts on the Affordable Care Act (normally referred to as Obamacare), and its impact on unemployment/employment and economic growth? Ho..

Provide a rationale with your response : State whether or not there are any other times appropriate for recognizing revenue. Provide a rationale with your response.

What is the total energy stored in the capacitor : A 1.00 µF capacitor is connected to a 5.00 Ω resistors and a 100 V battery in a series RC circuit. The capacitor is initially uncharged. At t = 0, a switch is closed and the battery begins charging the capacitor through the resistor. How much char..

Calculate the change in the level of real GDP demand : Assume that government purchases decrease by $10 billion, with other factors held constant, including the price level. Calculate the change in the level of real GDP demand or each the following values of the MPC. Then calculate the change if the gove..

Equity transactions and statement preparation : On April 21, 2014, Alligator Corporation received a charter granting the right to issue 100,000 shares of $100 par value, 6% cumulative and nonparticipating preferred stock, and 1,000,000 shares of $1 par value common stock. It then Apr. 28 Issued..

What is the angular speed of the tires : What is the angular speed of the tires? What is the speed of the blue dot when it is 0.80m above the road? What is the speed of the blue dot when it is 0.40m above the road?

The real exchange rate shows : The real exchange rate shows

What was the initial temperature of the water : A 100 g ice cube having an initial temperature of 0oC is put into an insulated cup containing 200 g of water. After a long time, all the ice is melted and the remaining water is at 0oC. Assuming no heat flows into or out of the cup, what was the ..

Assume you have been hired as a managing consultant : You are told that the firm's fixed cost is high enough so that the firm's total costs exceed its total revenue. The marginal cost of the last unit is $30.

User Account

All Pages