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Cariyon Company listed the following items in its December 31, 2015, financial statements: Investment in Man Company bonds $25,000 Dividends payable: proferred 4,000 Dividends payable: common 40,000 Preferred stock, 8%, $100 par 100,000 Common stock, $10 par 400,000 Addtional paid-in capital on preferred stock 20,000 Adational paid-in capital on common stock 210,000 Retained earnings 270,000 During 2016, the following transactions occurred: Feb. 2 Paid the semiannual dividends declared on December 15, 2015. 5 Declared a property dividend, payable to common shareholders on April 5 in Man Company bonds being held to maturity. Mar. The bonds (which have a book value of $25,000) have a current market value of $31,000. Apr. 5 Paid the property dividend. July Declared a 54 per share semiannual cash dividend on preferred stock and a $1.10 per share semiannual dividend on common stock, to be paid on August 17. Aug 17 Paid the cash dividends. Oct 15 Declared a 2% stock dividend on common stock to be issued on December 3. The current market price is $22 per share. Dec. 3 Issued the stock dividend. 28 Declared a 54 and $1.20 per share semiannual cash dividend on preferred and common stock, respectively, to be paid on February 15, 2017.

Cariyon Company listed the following items in its December 31, 2015, financial statements: Investment in Man Company bonds $25,000 Dividends payable: proferred 4,000 Dividends payable: common 40,000 Preferred stock, 8%, $100 par 100,000 Common stock, $10 par 400,000 Addtional paid-in capital on preferred stock 20,000 Adational paid-in capital on common stock 210,000 Retained earnings 270,000 During 2016, the following transactions occurred: Feb. 2 Paid the semiannual dividends declared on December 15, 2015. 5 Declared a property dividend, payable to common shareholders on April 5 in Man Company bonds being held to maturity. Mar. The bonds (which have a book value of $25,000) have a current market value of $31,000. Apr. 5 Paid the property dividend. July Declared a 54 per share semiannual cash dividend on preferred stock and a $1.10 per share semiannual dividend on common stock, to be paid on August 17. Aug 17 Paid the cash dividends. Oct 15 Declared a 2% stock dividend on common stock to be issued on December 3. The current market price is $22 per share. Dec. 3 Issued the stock dividend. 28 Declared a 54 and $1.20 per share semiannual cash dividend on preferred and common stock, respectively, to be paid on February 15, 2017.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 16P: Treasury Stock, Cost Method Bush-Caine Company reported the following data on its December 31, 2018,...
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Prepare journal entries to record the preceding transactions.

Carlyon Company listed the following items in its December 31, 2015, financial statements: Investment in Man Company bonds $25,000 Dividends payable: preferred 4,000 Dividends payable: common 40,000 Preferred stock, 8%, $100 par 100,000 Common stock, $10 par 400,000 Additional paid-in capital on preferred stock 20,000 Additional paid-in capital on common stock 210,000 Retained earnings 270,000 During 2016, the following transactions occurred: Feb. Paid the semiannual dividends declared on December 15, 2015. Mar. 5 Declared a property dividend, payable to common shareholders on April 5 in Man Company bonds being held to maturity. The bonds (which have a book value of $25,000) have a current market value of $31,000. Ar. Paid the property dividend. July 6 Declared a $4 per share semiannual cash dividend on preferred stock and a $1.10 per share semiannual dividend on common stock, to be paid on August 17. Aug. 17 Paid the cash dividends. Oct 15 Declared a 2% stock dividend on common stock to be issued on December 3. The current market price is $22 per share. Dec. Issued the stock dividend. 28 Declared a $4 and $1.20 per share semiannual cash dividend on preferred and common stock, respectively, to be paid on February 15, 2017.
Transcribed Image Text:Carlyon Company listed the following items in its December 31, 2015, financial statements: Investment in Man Company bonds $25,000 Dividends payable: preferred 4,000 Dividends payable: common 40,000 Preferred stock, 8%, $100 par 100,000 Common stock, $10 par 400,000 Additional paid-in capital on preferred stock 20,000 Additional paid-in capital on common stock 210,000 Retained earnings 270,000 During 2016, the following transactions occurred: Feb. Paid the semiannual dividends declared on December 15, 2015. Mar. 5 Declared a property dividend, payable to common shareholders on April 5 in Man Company bonds being held to maturity. The bonds (which have a book value of $25,000) have a current market value of $31,000. Ar. Paid the property dividend. July 6 Declared a $4 per share semiannual cash dividend on preferred stock and a $1.10 per share semiannual dividend on common stock, to be paid on August 17. Aug. 17 Paid the cash dividends. Oct 15 Declared a 2% stock dividend on common stock to be issued on December 3. The current market price is $22 per share. Dec. Issued the stock dividend. 28 Declared a $4 and $1.20 per share semiannual cash dividend on preferred and common stock, respectively, to be paid on February 15, 2017.
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