Current Attempt in Progress Sandhill Corp. reported the following amounts in the shareholders' equity section of its December 31, 2023, balance sheet: Preferred shares, $9 dividend (9,500 shares authorized, 1,900 shares issued) Common shares (unlimited authorized, 30,000 issued) Contributed surplus Retained earnings Accumulated other comprehensive income Total $195,700 690,000 57,000 251,000 77,000 $1,270,700 The contributed surplus arose from net excess of average cost per share over reacquisition cost on a previous repurchase and cancellation of common shares. During 2024, the company had the following transactions that affect shareholders' equity. Prepare the journal entries for the following transactions: (Credit account titles are automatically indented when the amount is entered. D not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before cre entries.) a. Paid the annual 2023 $9 per share dividend on preferred shares and a $3 per share dividend on common shares. These dividends had been declared on December 31, 2023. b. Purchased 4,000 shares of its own outstanding common shares for $36 per share and cancelled them. c d. e. Issued 900 preferred shares at $108 per share (at the beginning of the year). Declared a 10% stock dividend on the outstanding common shares at their fair value when the shares were selling for $46 pe share. Issued the stock dividend. Declared the annual 2024 $9 per share dividend on preferred shares and a $2 per share dividend on common shares. These dividends are payable in 2025.
Current Attempt in Progress Sandhill Corp. reported the following amounts in the shareholders' equity section of its December 31, 2023, balance sheet: Preferred shares, $9 dividend (9,500 shares authorized, 1,900 shares issued) Common shares (unlimited authorized, 30,000 issued) Contributed surplus Retained earnings Accumulated other comprehensive income Total $195,700 690,000 57,000 251,000 77,000 $1,270,700 The contributed surplus arose from net excess of average cost per share over reacquisition cost on a previous repurchase and cancellation of common shares. During 2024, the company had the following transactions that affect shareholders' equity. Prepare the journal entries for the following transactions: (Credit account titles are automatically indented when the amount is entered. D not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before cre entries.) a. Paid the annual 2023 $9 per share dividend on preferred shares and a $3 per share dividend on common shares. These dividends had been declared on December 31, 2023. b. Purchased 4,000 shares of its own outstanding common shares for $36 per share and cancelled them. c d. e. Issued 900 preferred shares at $108 per share (at the beginning of the year). Declared a 10% stock dividend on the outstanding common shares at their fair value when the shares were selling for $46 pe share. Issued the stock dividend. Declared the annual 2024 $9 per share dividend on preferred shares and a $2 per share dividend on common shares. These dividends are payable in 2025.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Current Attempt in Progress
Sandhill Corp. reported the following amounts in the shareholders' equity section of its December 31, 2023, balance sheet:
Preferred shares, $9 dividend (9,500 shares authorized, 1,900 shares issued)
$195,700
Common shares (unlimited authorized, 30,000 issued)
Contributed surplus
Retained earnings
Accumulated other comprehensive income
Total
690,000
57,000
251,000
77,000
$1,270,700
The contributed surplus arose from net excess of average cost per share over reacquisition cost on a previous repurchase and
cancellation of common shares.
During 2024, the company had the following transactions that affect shareholders' equity.
Prepare the journal entries for the following transactions: (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. List all debit entries before credit
entries.)
a.
Paid the annual 2023 $9 per share dividend on preferred shares and a $3 per share dividend on common shares. These
dividends had been declared on December 31, 2023.
b. Purchased 4,000 shares of its own outstanding common shares for $36 per share and cancelled them.
ப
C.
d.
e.
Issued 900 preferred shares at $108 per share (at the beginning of the year).
Declared a 10% stock dividend on the outstanding common shares at their fair value when the shares were selling for $46 per
share.
Issued the stock dividend.
Declared the annual 2024 $9 per share dividend on preferred shares and a $2 per share dividend on common shares. These
dividends are payable in 2025.
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