Reference no: EM13158441
The stockholders' equity accounts of Hashmi Company at January 1, 2010, are as follows:
Preferred stock, 4%,60par $720,000
Common Stock, $5par $1,000,000
Paid-in capital in excess of par value-preferred stock $300,000
Paid-in capital in excess of par value-common stock $400,000
Retained Earnings $600,000
There were no dividends in arrears on preferred stock. During 2010, the company had the following transactions and events
July 1 Declared a $0.75 cash dividend on common stock
Aug 1 Discovered $53,000 overstatement of 2009 depreciation. Ignore income taxes
Sept 1 Paid the cash dividend declared on July 1
Dec 1 Declared a 9% stock dividend on common stock when the market value of the stock was $15 per share
Dec 15 Declared a 4% cash dividend on preferred stock payable January 31, 2010
Dec 28 Distributed the stock dividend from Dec 1
Dec 31 Recorded and adjusting entry for income tax expense for 2010, $45,000
Dec 31Determined that the net income for the year was $355,000
Instruction:
a) Journalize the transaction, events, and closing entries
b) Enter the beginning balances in the accounts, and post to the stockholders' equity accounts
c) Prepare a retained earnings statement for the year
d) Prepare a stockholders' equity section at December 31,3010
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