Prepare the stockholder equity section of dry dock balance

Reference no: EM13944805

Dry Dock Container Corporation began operations in early 20X5, when it issued 200,000 shares of $3 par value common stock for $10 per share. The following additional equity-related transactions occurred during 20X5.

Transaction A: Issued 50,000 shares of $100 par value, 6%, cumulative preferred at $102 per share.

Transaction B: Reacquired 10,000 common shares for treasury at $12 per share.

Transaction C: Declared the full cash dividend on the preferred and $0.10 per share on the outstanding common shares.

Transaction D: Paid the previously declared dividends.

Transaction E: Sold 10,000 treasury shares at $15 per share.

Transaction F: Declared and issued a 2% common stock dividend. The dividend occurred subsequent to the above described treasury stock transactions. The market value of the stock was $13 per share.

Transaction G: Reacquired 20,000 common shares for treasury at $11 per share.

Transaction H: Closed the annual net income of $800,000 from Income Summary to Retained Earnings.

(a) Prepare journal entries for the above described transactions.

(b) Prepare the 20X5 statement of stockholders' equity reflecting the above described transactions.

Reference no: EM13944805

Questions Cloud

Advantages-disadvantage of major pricing for raffles hotel : Explain the advantages and disadvantage of 4 major pricing for Raffles Hotel I. Price skimming II. Premium pricing III. Promotional pricing IV. Geographical/segmented

What would be the monthly maintenance charges : Floor space in some unit other than ft sq -- such as the how many living rooms in your house would be required to hold the equipment, or football fields, or aircraft carrier decks, etc.

How come the mind gets drunk when the body does the drinking : On Descartes' own terms, how "clearly and distinctly" do we understand the relationship of the mind to the body? How can a completely nonphysical thing interact with a completely physical thing?

Pressure in the bottom of a swimming pool : What is the absolute pressure in the bottom of a swimming pool 24.2 m by 9.80 mm whose uniform depth is 2.12m ?

Prepare the stockholder equity section of dry dock balance : Prepare the 20X5 statement of stockholders' equity reflecting the above described transactions. Prepare the stockholders' equity section of Dry Dock's balance sheet at December 31, 20X5

Determine the probability that a butterfly is infected : Determine the probability that a butterfly is infected, given that it was tagged in both places. Enter an answer between 0 and 1, rounded to 2 decimal places, e.g. 0.31.

Pattern of children and young peoples development : describe the expected pattern of children and young peoples development from birth to 19years to include physical development communication and intellectual developmnet social emotional and behavioural development

Perform a formal risk assessment of a computer network : Perform a formal risk assessment of a computer network of your choice (A sample network architecture will be provided for your reference).

Design an advertisement poster : Students is expected to design an advertisement poster about "google eye glass". Advertising this product and service or experience and a power point slides discussing the poster .

User Account

All Pages