Common stock, $5 par value, 440,000 shares issued $2,200,000 In excess of par valuecommon stock $800,000
Total paid-in capital $3,780,000
Retained earnings $1,334,000
Total paid-in capital and retained earnings $5,114,000
Less: Treasury stock (10,000 common shares) ($120,000)
Total stockholders equity $4,994,000
On December 1, 2018, the board of directors declared cash dividends. This is the only cash dividend declared during 2018. The dividend in arrears as of December 1, 2018 is $30,000. The net income was $600,000 for the entire year of 2018. The balance of retained earnings at the end of 2017 was $900,000. Compute the amount of cash dividend on common stock declared on December 1, 2018 in .
On January 12, 2019, Steiner issued 20,000 shares of common stock with an issue price of $20 per share, $5 par value. Record the journal entry for this transaction in .
On January 28, 2019, Steiner reissued 5,000 shares of its treasury stock for $15 per share. Record the journal entry for this transaction in .
On March 28, 2019, Steiner reissued 4,000 shares of its treasury stock for $10 per share. Record the journal entry for this transaction in .
On December 20, 2019, Steiner declared a 10% stock dividend to common shareholders. The market value of common stock was $25 per share at the declaration of the stock dividend. Enter the value of the stock dividend to common shareholders in .
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
