Reference no: EM132258439
Question - Whispering Company reported the following amounts in the stockholders' equity section of its December 31, 2016, balance sheet.
Preferred stock, 10%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000
Common stock, $5 par (110,000 shares authorized, 22,000 shares issued) 110,000
Additional paid-in capital 132,000
Retained earnings 419,000
Total $861,000
During 2017, Whispering took part in the following transactions concerning stockholders' equity.
1. Paid the annual 2016 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2016.
2. Purchased 1,700 shares of its own outstanding common stock for $41 per share. Whispering uses the cost method.
3. Reissued 600 treasury shares for land valued at $28,400.
4. Issued 480 shares of preferred stock at $103 per share.
5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $44 per share.
6. Issued the stock dividend.
7. Declared the annual 2017 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2018.
Prepare journal entries to record the transactions described above.
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