Journalize the following selected transactions completed by


Problem - ABC's Stockholders' Equity section most recent Balance Sheet is as follows:

2% Preferred Stock ($50-par, 5,000 shares authorized, 1,000 shares issued and outstanding) - $50,000

Common Stock ($10-par, 100,000 shares authorized, 25,000 shares issued and outstanding) - 250,000

Paid-In Capital in Excess of Par:Preferred - 70,000

Paid-In Capital in Excess of Par:Common  - 275,000

Retained Earnings - 300,000

Total Stockholders' Equity - $945,000

Journalize the following selected transactions completed by ABC Corp.

(a) Declared dividends on preferred stock.

(b) Declared $0.08 dividend on the common stock.

(c) Paid the preferrd stock cash dividend.

(d) Paid the common stock cash dividend.

(e) Declared a 2% common stock dividend on the common stock outstanding.  The fair market value of the common stock is estimated at $36.

(f) Issued the certificates for the common stock dividend.

(g) ABC Corp. purchased 2,000 shares of its own stock for $20 per share.

Solution Preview :

Prepared by a verified Expert
Accounting Basics: Journalize the following selected transactions completed by
Reference No:- TGS02595558

Now Priced at $25 (50% Discount)

Recommended (96%)

Rated (4.8/5)