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1. 2. 3. 4. 5. 6. Nash Company reported the following amounts in the stockholders' equity section of its December 31, 2024, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 1,900 shares issued) Common stock, $5 par (108.500 shares authorized, 21.700 shares issued) Additional paid-in capital Retained earnings During 2025, Nash took part in the following transactions concerning stockholders' equity. Paid the annual 2024 $9 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2024. Purchased 1,600 shares of its own outstanding common stock for $39 per share. Nash uses the cost method. Reissued 800 treasury shares for land valued at $31.600. Issued 460 shares of preferred stock at $103 per share. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $42 per share. Issued the stock dividend. Declared the annual 2025 $9 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2026. 7. Total $190,000 108,500 116.000 424,000 $838.500

1. 2. 3. 4. 5. 6. Nash Company reported the following amounts in the stockholders' equity section of its December 31, 2024, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 1,900 shares issued) Common stock, $5 par (108.500 shares authorized, 21.700 shares issued) Additional paid-in capital Retained earnings During 2025, Nash took part in the following transactions concerning stockholders' equity. Paid the annual 2024 $9 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2024. Purchased 1,600 shares of its own outstanding common stock for $39 per share. Nash uses the cost method. Reissued 800 treasury shares for land valued at $31.600. Issued 460 shares of preferred stock at $103 per share. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $42 per share. Issued the stock dividend. Declared the annual 2025 $9 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2026. 7. Total $190,000 108,500 116.000 424,000 $838.500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1. 2. During 2025, Nash took part in the following transactions concerning stockholders' equity. 3. 5. 6. Nash Company reported the following amounts in the stockholders' equity section of its December 31, 2024, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 1,900 shares issued) Common stock, $5 par (108.500 shares authorized, 21.700 shares issued) Additional paid-in capital Retained earnings 7. Total $190,000 108,500 116,000 424,000 $838.500 Paid the annual 2024 $9 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2024. Purchased 1,600 shares of its own outstanding common stock for $39 per share. Nash uses the cost method. Reissued 800 treasury shares for land valued at $31.600. Issued 460 shares of preferred stock at $103 per share. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $42 per share. Issued the stock dividend. Declared the annual 2025 $9 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2026.
Transcribed Image Text:1. 2. During 2025, Nash took part in the following transactions concerning stockholders' equity. 3. 5. 6. Nash Company reported the following amounts in the stockholders' equity section of its December 31, 2024, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 1,900 shares issued) Common stock, $5 par (108.500 shares authorized, 21.700 shares issued) Additional paid-in capital Retained earnings 7. Total $190,000 108,500 116,000 424,000 $838.500 Paid the annual 2024 $9 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2024. Purchased 1,600 shares of its own outstanding common stock for $39 per share. Nash uses the cost method. Reissued 800 treasury shares for land valued at $31.600. Issued 460 shares of preferred stock at $103 per share. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $42 per share. Issued the stock dividend. Declared the annual 2025 $9 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2026.
Prepare journal entries to record the transactions described above. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) No. Account Titles and Explanation 1. Debit NASH COMPANY Stockholders' Equity Credit Prepare the December 31, 2025, stockholders' equity section. Assume 2025 net income was $316,000. (Enter account name only Do not provide any descriptive information)
Transcribed Image Text:Prepare journal entries to record the transactions described above. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) No. Account Titles and Explanation 1. Debit NASH COMPANY Stockholders' Equity Credit Prepare the December 31, 2025, stockholders' equity section. Assume 2025 net income was $316,000. (Enter account name only Do not provide any descriptive information)
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