Solution-Prepare journal entries for the transactions

Prepare journal entries for the transactions

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Reference no: EM131752788

On December 31, 2016, Turner Corp. had the following balances (all balances are normal):

Accounts	Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)	$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)	$1,000,000
Paid-in Capital in Excess of par, Common	150,000
Retained Earnings	700,000

The following events occurred during 2016 and WERE NOT RECORDED:

On January 1, TurnerCorp.declared a 5% stock dividend on its common stock when the market value of the common stock was $12 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
On February 15,TurnerCorp. reacquired 1,000 shares of common stock for $15 each.
On March 31,TurnerCorp.reissued 250 shares of treasury stock for $20 each.
On July 1,TurnerCorp.reissued 500 shares of treasury stock for $10 each.
On October 1,TurnerCorp.declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
On December 15,TurnerCorp.split common stock 2 shares for 1.
Net Income for 2015 was $250,000.

Requirements:

Prepare journal entries for the transactions listed above.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2015 (after taking into consideration your journal entries)

Reference no: EM131752788

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Prepare journal entries for the transactions

Reference no: EM131752788

Reference no: EM131752788

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