Carlyon Company listed the following items in its December 31, 2018, financial statements: Investment in Man Company bonds $22,000 Dividends payable: preferred 8,000 Dividends payable: common 50,000 Preferred stock, 8%, $100 par 200,000 Common stock, $10 par 500,000 Additional paid-in capital on preferred stock 40,000 Additional paid-in capital on common stock 262,500 Retained earnings 270,000 During 2019, the following transactions occurred: Feb. 2 Paid the semiannual dividends declared on December 15, 2018. Mar. 5 Apr. 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 $22,000) have a current market value of $32,000. Paid the property dividend. 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. Paid the cash dividends. Declared a 2% stock dividend on common stock to be issued on December 3. The current market price is $22 per share. 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, 2020. 5 July 6 Aug. 17 Oct. 15 Dec. 3 Required: Next Level Prepare journal entries to record the preceding transactions.
Carlyon Company listed the following items in its December 31, 2018, financial statements: Investment in Man Company bonds $22,000 Dividends payable: preferred 8,000 Dividends payable: common 50,000 Preferred stock, 8%, $100 par 200,000 Common stock, $10 par 500,000 Additional paid-in capital on preferred stock 40,000 Additional paid-in capital on common stock 262,500 Retained earnings 270,000 During 2019, the following transactions occurred: Feb. 2 Paid the semiannual dividends declared on December 15, 2018. Mar. 5 Apr. 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 $22,000) have a current market value of $32,000. Paid the property dividend. 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. Paid the cash dividends. Declared a 2% stock dividend on common stock to be issued on December 3. The current market price is $22 per share. 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, 2020. 5 July 6 Aug. 17 Oct. 15 Dec. 3 Required: Next Level Prepare journal entries to record the preceding transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
D1.
Account
Transcribed Image Text:Carlyon Company listed the following items in its December 31, 2018, financial statements:
Investment in Man Company bonds
Dividends payable: preferred
Dividends payable: common
Preferred stock, 8%, $100 par
Common stock, $10 par
Additional paid-in capital on preferred stock
Additional paid-in capital on common stock
Retained earnings
During 2019, the following transactions occurred:
Feb. 2
Mar. 5
Apr. 5
July
6
Aug. 17
Oct. 15
Dec. 3
$22,000
8,000
50,000
200,000
500,000
40,000
262,500
270,000
Paid the semiannual dividends declared on December 15, 2018.
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 $22,000) have a current market value of $32,000.
Paid the property dividend.
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.
Paid the cash dividends.
Declared a 2% stock dividend on common stock to be issued on December 3. The current market price is
$22 per share.
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, 2020.
Required:
Next Level Prepare journal entries to record the preceding transactions.
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