Preferred stock ($100 par value, 5% non cumulative, 50,000 shares authorized, 10,000 shares issued and outstanding .....$1,000,000
Common stock ($10 par value, 200,000 shares authorized 100,000 shares issued & outstanding $ 1,000,000
Paid-in capital in excess of par, Common ..150,000
Retained Earnings 700,000
Jan 1 XYZ declared 5% stock dividend on its Common stock when the market value of the common stock was $15 per share. Stock dividend were distributed on Jan 31 to shareholders as of Jan 25
Feb 15 XYZ reissued 1,000 shares of common stock for $20 each
Mar 31 XYZ reissued 250 shares of treasury stock for $25 each
July 1 XYZ reissued 500 shares of treasury stock for $16 each
Oct 1 XYZ declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on Oct 15
Dec 15 XYZ split common stock 2 shares for 1
Net Income for 2015 was $275,000
Prepare journal entries for the transaction listed above
Prepare a stockholder's section of a classified balance sheet as of Dec 31, 2015