Reference no: EM132642593
Problem 1: Prepare the stockholders' equity section for Reynolds Company at December 31, 2016. Show all supporting computations.
Reynolds Company has two classes of capital stock outstanding: 8%, $30 par preferred and $10 par common. At December 31, 2017, the following accounts were included in stockholders' equity.
Preferred Stock, 165,000 shares $ 4,950,000
Common Stock, 2,200,000 shares 22,000,000
Paid-in Capital in Excess of Par-Preferred 330,000
Paid-in Capital in Excess of Par-Common 45,100,000
Retained Earnings 8,278,600
The following transactions affected stockholders' equity during 2018.
Jan. 1 30,000 shares of preferred stock issued at $45 per share.
Feb. 1 37,500 shares of common stock issued at $23 per share.
June 1 2-for-1 stock split (par value reduced to $5.00).
July 1 33,000 shares of common treasury stock purchased at $22 per share. Reynolds uses the cost method.
Sept. 15 11,000 shares of treasury stock reissued at $24 per share.
Dec. 31 The preferred dividend is declared, and a common dividend of 40¢ per share is declared.
Dec. 31 Net income is $3,492,5000.
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