Question - Post journal entries for equity transactions and closing entries for:
Balances in stockholders accounts of Waters Corporation on Jan 1, 2013 were: Preferred stock(10% $100par,non-cumulative, 7,500 shared authorized) -207,500 common stock ($10 par value, 350,000 shares authorized) - 654,000 Paid-in capital in excess of par value-preferred stock - 60,000 Paid-in capital in excess of par value - common stock - 1,470,000 Retained earnings - 332,000 Treasury stock-common(10,400 shares) - 124,800 During 2013 the corporation had following transactions related to equity:Jan 1 Beginning shares Feb 8 Issued 25,000 shares of common stock for a price of 275,000 Mar 22 Purchased 17,000 additional shares of common treasury stock at $12 per share. Jul 28 Sold 14,000 shares of common treasury stock for $182,000 . Sept 13 Declared cash dividends on common stock of $.25 per share. Oct 15 Paid cash dividends declared on Sept 13. Nov 15 sold 12,500 shares of common treasury stock for $112,500. Nov 30 announced a 2:1 stock split and sent new shares of stock to existing stockholders. Dec 15 Sold 10,000 shares of common stock for $8 per share. Dec 31 Determined that the net income for the year as $196,000; closed income and dividends. All of the opening and transaction balances need to post to General journal as entries then post entries to t-accounts and then complete balance sheet as of Dec 31, 2013. Also, answer following questions:
a. How many shares of preferred stock were issued as of Jan 1, 2013?
b. How many shares of common stock were issued as of Jan 1, 2013?
c. How many shares of common stock were outstanding as of Jan 1, 2013?
d. What was the per share price of treasury stock held on Jan 1, 2013?
e. What is the par value per share of common stock on Dec 31, 2013?