Dekalb Resorts has been in business since 1987.The stockholders' equity section of Dekalb's balance sheet on January 1, 2019 is as follows: Common Stock (Par value $25.00 per share; 50,000 shares authorized; 28,000 shares issued and outstanding) Additional Paid-in Capital on Common Stock Preferred Stock (Par value $5.00 per share; 5,000 shares authorized; 3,000 shares issued and outstanding) Additional Paid-in Capital on Preferred Stock Retained Earnings Total Stockholders' Equity Stockholders' Equity Section as of January 1, 2019 Date July 15, 2019 $ 700,000 100,000 15,000 7,000 560.000 1,382,000 Required: 1. Prepare the journal entries for the following three transactions: On July 15, 2019, Dekalb issues 600 shares of its preferred stock, receiving $15.00 per share. Accounts debits credits On December 31, 2019, Dekalb declares annual dividends on preferred stock. Dividends are to be paid on the shares of preferred stock outstanding on December 31, 2019. Each share of preferred stock will receive an amount of 10% of its par value. The dividends will be paid on January 18, 2020. Date Accounts Debits credits
Dekalb Resorts has been in business since 1987.The stockholders' equity section of Dekalb's balance sheet on January 1, 2019 is as follows: Common Stock (Par value $25.00 per share; 50,000 shares authorized; 28,000 shares issued and outstanding) Additional Paid-in Capital on Common Stock Preferred Stock (Par value $5.00 per share; 5,000 shares authorized; 3,000 shares issued and outstanding) Additional Paid-in Capital on Preferred Stock Retained Earnings Total Stockholders' Equity Stockholders' Equity Section as of January 1, 2019 Date July 15, 2019 $ 700,000 100,000 15,000 7,000 560.000 1,382,000 Required: 1. Prepare the journal entries for the following three transactions: On July 15, 2019, Dekalb issues 600 shares of its preferred stock, receiving $15.00 per share. Accounts debits credits On December 31, 2019, Dekalb declares annual dividends on preferred stock. Dividends are to be paid on the shares of preferred stock outstanding on December 31, 2019. Each share of preferred stock will receive an amount of 10% of its par value. The dividends will be paid on January 18, 2020. Date Accounts Debits credits
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
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 19P: Anoka Company reported the following selected items in the shareholders equity section of its...
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![Dekalb Resorts has been in business since 1987.The stockholders' equity section of
Dekalb's balance sheet on January 1, 2019 is as follows:
Common Stock (Par value $25.00 per share; 50,000
shares authorized; 28,000 shares issued and
outstanding)
Additional Paid-in Capital on Common Stock
Preferred Stock (Par value $5.00 per share; 5,000
shares authorized; 3,000 shares issued and
outstanding)
Additional Paid-in Capital on Preferred Stock
Retained Earnings
Total Stockholders' Equity
Stockholders' Equity
Section as of
January 1, 2019
Date
July 15, 2019
700,000
100,000
15,000
7,000
560.000
1,382,000
Required:
1. Prepare the journal entries for the following three transactions:
On July 15, 2019, Dekalb issues 600 shares of its preferred stock, receiving $15.00
per share.
Accounts
debits
credits
On December 31, 2019, Dekalb declares annual dividends on preferred stock.
Dividends are to be paid on the shares of preferred stock outstanding on December 31,
2019. Each share of preferred stock will receive an amount of 10% of its par value. The
dividends will be paid on January 18, 2020.
Date
Accounts
Debits
credits](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7f57dbad-1fbf-4bf1-ba9b-b6fe3a38ea2b%2F8bcc0d02-2664-48eb-9395-e414b42a3a45%2Fcvwijka_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Dekalb Resorts has been in business since 1987.The stockholders' equity section of
Dekalb's balance sheet on January 1, 2019 is as follows:
Common Stock (Par value $25.00 per share; 50,000
shares authorized; 28,000 shares issued and
outstanding)
Additional Paid-in Capital on Common Stock
Preferred Stock (Par value $5.00 per share; 5,000
shares authorized; 3,000 shares issued and
outstanding)
Additional Paid-in Capital on Preferred Stock
Retained Earnings
Total Stockholders' Equity
Stockholders' Equity
Section as of
January 1, 2019
Date
July 15, 2019
700,000
100,000
15,000
7,000
560.000
1,382,000
Required:
1. Prepare the journal entries for the following three transactions:
On July 15, 2019, Dekalb issues 600 shares of its preferred stock, receiving $15.00
per share.
Accounts
debits
credits
On December 31, 2019, Dekalb declares annual dividends on preferred stock.
Dividends are to be paid on the shares of preferred stock outstanding on December 31,
2019. Each share of preferred stock will receive an amount of 10% of its par value. The
dividends will be paid on January 18, 2020.
Date
Accounts
Debits
credits
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