Reference no: EM132574597

Question 1: On January 2, 2019, Frederick Corporation issued 18,000 shares of $10 par value common stock for $13 per share. On April 1, 2019, Alpha reacquired 1,500 of these shares when they were trading $16 per share. On August 1, 2019 Frederick reissued 800 shares of treasury stock at the going market rate of $19 per share. Use this information to prepare the General Journal entry (without explanation) for the August 1 transaction.

Question 2: On January 1, 2019, Frederick Corporation had 200,000 shares of common stock outstanding with a par value of $5 per share. On March 31, Frederick Corporation authorized a 10% stock dividend when the market value was $18 per share. Use this information to prepare the General Journal entry (without explanation) for March 31. If no entry is required then write "No Entry Required."

Question 3: The following are selected accounts for the Wicomico Company after all Fiscal Year December 31, 2018, adjusting entries & closing entries have been posted. All balances are normal.

Account                                                          Amount

Common Stock, $10 par                       $260,000

Treasury Stock, at cost $16 per share    32,000

Dividends Payable                                     13,000

Paid in Capital in excess of par, Common Stock 52,000

Accounts Receivable                              24,500

Retained Earnings                                    217,000

Bonds Payable                                          150,000

Preferred Stock, $100 par, 4% cumulative    100,000

Prepare only the Stockholder's Equity section of the Classified Balance Sheet for the year end. Be sure to use a good format, dollar signs and single underlines were required. There are a few extra lines in the formatted input answer form to allow for acceptable balance sheet format variations.