Problem:
What did you find to be the most challenging part of this problems? Explain why.
Rolman Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. In its first year the company has the following stock transactions.
Jan. 10 Issued 400,000 shares of stock at $8 per share.
Sept. 1 Purchased 10,000 shares of common stock for the treasury at $9 per share.
Dec. 24 Declared a cash dividend of 10 cents per share on common stock outstanding.
Instructions What did you find to be the most challenging part of this problems? Explain why.
a. I dont need the Journalize transactions.
b. I don't need you to prepare the stockholders' equity section of the balance sheet assuming the company had retained earnings of $150,600 at December 31.
What did you find to be the most challenging part of this problems? Explain why.