Problem 1:
Valenti Corporation had 5,000 shares of $100 par value, 9 percent cumulative preferred stock and 30,000 shares of $10 par value common stock outstanding during each of its first four years of operation. The following amounts of cash dividends were paid during the years indicated: 20x1, $0; 20x2, $80,000; 20x3, $220,000; 20x4, $270,000. Determine the cash dividends per share paid to the preferred and common stockholders during each of the four years
Problem 2:
Trendy Corporation is authorized to issue 100,000 shares of $5 stated value common stock and 2,000 shares of $100 par value, 8 percent preferred stock. Prepare journal entries without explanation to record the following transactions:
Apr. 15 Issued 1,000 shares of common stock to an attorney for a bill of $9,000 in connection with the organization of the corporation.
25 Issued 1,000 shares of preferred stock for cash of $115 per share.
27 Issued 8,000 shares of common stock in exchange for land for a plant site valued at $50,000.
May 1 Issued l5,000 shares of common stock for $90,000 in cash.
Problem 3:
Prepare journal entries without explanations to record the following transactions involving Bailey Corporation's $5 par value common stock:
Apr. 1 Purchased 500 shares of its own common stock for $12, the current market price. This is the first transaction involving its own stock engaged in by the company.
May 1 Sold 100 of the share purchased on April 1 for $15.
June 1 Retired 100 of the shares purchased on April 1. The original issue price was $8.
July 1 Sold 200 of the shares purchased on April 1 for $10.