Reference no: EM132406443

Question

Part A)

On January 1, 2016, Alpha Corporation had 200,000 shares of common stock outstanding with a par value of $3 per share. On March 31, Alpha Corporation declared a 10% stock dividend when the market value was $10 per share. Use this information to prepare the General Journal entry (without explanation) for March 31. If no entry is required then write "No Entry Required."

Part B)

The following are selected accounts for the Alpha Dog Company after all Fiscal Year December 31, 2016, adjusting entries & closing entries have been posted. All balances are normal.

Account  Amount

Common Stock, $5 par $150,000

Treasury Stock, at cost $10 per share 20,000

Dividends Payable 5,000

Paid in Capital in excess of par, Common Stock 30,000

Paid in Capital in excess of par, Preferred Stock 3,500

Retained Earnings 140,000

Bonds Payable 75,000

Preferred Stock, $100 par, 5% cumulative 35,000

On December 31, 2016, Common Stock was authorized 50,000 shares and Preferred Stock was authorized 5,000 shares. Prepare only the Stockholder's Equity section of the Classified Balance Sheet for the year end. Be sure to use a good format, dollar signs and single underlines were required. There are a few extra lines in the formatted input answer form to allow for acceptable balance sheet format variations.