Reference no: EM132385758
Question
Part A)
Towson Corp., was organized on January 2, 2018. During the first year of operation, Towson issued 50,000 shares of $9 par value common stock at a price of $45 cash per share. On December 31, 2018, Towson reported Net Income of $250,000 and paid $50,000 cash dividends. Use this information to determine the dollar amounts that Towson will report on its year end Balance Sheet for Paid in Capital Common Stock in Excess to par.
Part B)
Towson Corp., had 2,000 shares of $100 par, 5% cumulative preferred stock as of January 1, 2018. No additional shares of preferred stock were issued during fiscal years 2018 & 2019. Dividends were paid to common shareholders in 2017 but no shareholders were paid dividends in 2018. A total of $100,000 of dividends was paid in 2019. Use this information to determine the total dollar amount of dividends that was paid to common shareholders during fiscal year 2019.
Part C)
On January 2, 2018, the first year of operations, Brunswick Corp., issued 15,000 shares of $10 par value common stock for $15 per share. On July 1, 2018, Brunswick Corp., 2,000 of these shares were reacquired for $16 each. On September 1, 2018 Brunswick Corp. reissued 600 shares of its treasury stock for $23 per share. No other stock transactions occurred during the rest of fiscal year 2018. Use this information to determine the dollar amount that Brunswick will report on its fiscal year 2018 Balance Sheet for Paid in Capital Treasury Stock.
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