Declared a cash dividend on the 6%, $97 par noncumulative preferred stock (1,150 shares outstanding). Declared a $0.20 per share dividend on the 80,000 shares of $8 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Jan. 16 Feb. 15 Paid the cash dividends. Jun. 10 Split common stock 2-for-1. Jul. 30 Declared a 40% stock dividend on the common stock. The market value of the common stock was $8 per share. Aug. 15 Distributed the stock dividend. Oct. 26 Purchased 8,000 shares of treasury stock at $9 per share. Nov. 8 Sold 4,000 shares of treasury stock for $10 per share. 30 Sold 1,400 shares of treasury stock for $5 per share.
Declared a cash dividend on the 6%, $97 par noncumulative preferred stock (1,150 shares outstanding). Declared a $0.20 per share dividend on the 80,000 shares of $8 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Jan. 16 Feb. 15 Paid the cash dividends. Jun. 10 Split common stock 2-for-1. Jul. 30 Declared a 40% stock dividend on the common stock. The market value of the common stock was $8 per share. Aug. 15 Distributed the stock dividend. Oct. 26 Purchased 8,000 shares of treasury stock at $9 per share. Nov. 8 Sold 4,000 shares of treasury stock for $10 per share. 30 Sold 1,400 shares of treasury stock for $5 per share.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Journalizing dividends and
Halborn Manufacturing Co. completed the following transactions during 2018:
- Record the transactions in Halborn’s general journal.
- Prepare the Halborn’s stockholders’ equity section of the balance sheet as of December 31, 2018. Assume that Halborn was authorized to issue 2,200 shares of
preferred stock and 500,000 shares of common stock. Both preferred stock and Common stock, were issued, at par. The ending balance ofretained earnings as of December 31, 2018, is $2,030,000.
![Declared a cash dividend on the 6%, $97 par noncumulative preferred
stock (1,150 shares outstanding). Declared a $0.20 per share dividend on
the 80,000 shares of $8 par value common stock outstanding. The date of
record is January 31, and the payment date is February 15.
Jan. 16
Feb. 15 Paid the cash dividends.
Jun. 10 Split common stock 2-for-1.
Jul. 30 Declared a 40% stock dividend on the common stock. The market value
of the common stock was $8 per share.
Aug. 15 Distributed the stock dividend.
Oct. 26 Purchased 8,000 shares of treasury stock at $9 per share.
Nov. 8
Sold 4,000 shares of treasury stock for $10 per share.
30
Sold 1,400 shares of treasury stock for $5 per share.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe21484a7-19eb-4c29-b3ca-561a3f0c8074%2F11fb9763-024b-4fa2-86e7-83b577c710c7%2F7qc16h9.png&w=3840&q=75)
Transcribed Image Text:Declared a cash dividend on the 6%, $97 par noncumulative preferred
stock (1,150 shares outstanding). Declared a $0.20 per share dividend on
the 80,000 shares of $8 par value common stock outstanding. The date of
record is January 31, and the payment date is February 15.
Jan. 16
Feb. 15 Paid the cash dividends.
Jun. 10 Split common stock 2-for-1.
Jul. 30 Declared a 40% stock dividend on the common stock. The market value
of the common stock was $8 per share.
Aug. 15 Distributed the stock dividend.
Oct. 26 Purchased 8,000 shares of treasury stock at $9 per share.
Nov. 8
Sold 4,000 shares of treasury stock for $10 per share.
30
Sold 1,400 shares of treasury stock for $5 per share.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education