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Man Tote Corporation was authorized by its charter to issue 160,000 shares preferred stock and 300,000 shares of $2 par value common stock. In their first year of operations, they had the following transactions. + A. Sold 100,000 shares of common stock for $800,000 + B. Sold 6,000 shares of preferred stock for $720,000. + C. Purchased 10,000 shares of the Company's outstandipg common stock for $6.00 per share for the treasury. + D. Reissued 4000 shares of the company stock that was acquired in C at a price of $8.00 + E. Reissued 3000 shares of The company stock that was acquired in C at a price of $5.00 + F. Declared a dividend of $.15 cents per share of common stock and for the amount due the preferred stock. + G. Paid the required dividends Required: (a) Prepare the necessary jourmal entries (b) Prepare the stockholders' equity section of the balance shecet.

Man Tote Corporation was authorized by its charter to issue 160,000 shares preferred stock and 300,000 shares of $2 par value common stock. In their first year of operations, they had the following transactions. + A. Sold 100,000 shares of common stock for $800,000 + B. Sold 6,000 shares of preferred stock for $720,000. + C. Purchased 10,000 shares of the Company's outstandipg common stock for $6.00 per share for the treasury. + D. Reissued 4000 shares of the company stock that was acquired in C at a price of $8.00 + E. Reissued 3000 shares of The company stock that was acquired in C at a price of $5.00 + F. Declared a dividend of $.15 cents per share of common stock and for the amount due the preferred stock. + G. Paid the required dividends Required: (a) Prepare the necessary jourmal entries (b) Prepare the stockholders' equity section of the balance shecet.

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
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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Man Tote Corporation was authorized by its charter to issue 160,000 shares of 10%, $100 par cumulative preferred stock and 300,000 shares of $2 par value common stock. In their first year of operations, they had the following transactions. + A. Sold 100,000 shares of common stock for $800,000 + B. Sold 6,000 shares of preferred stock for $720,000. + C. Purchased 10,000 shares of the Company's outstanding common stock for $6.00 per share for the treasury. + D. Reissued 4000 shares of the company stock that was acquired in C at a price of $8.00 + E. Reissued 3000 shares of Ihe company stock that was acquired in C at a price of $5.00 + F. Declared a dividend of $.15 cents per share of common stock and for the amount due the preferred stock. + G. Paid the required dividends Required: (a) Prepare the necessary journal entries (b) Prepare the stockholders' equity section of the balance sheet.
Transcribed Image Text:Man Tote Corporation was authorized by its charter to issue 160,000 shares of 10%, $100 par cumulative preferred stock and 300,000 shares of $2 par value common stock. In their first year of operations, they had the following transactions. + A. Sold 100,000 shares of common stock for $800,000 + B. Sold 6,000 shares of preferred stock for $720,000. + C. Purchased 10,000 shares of the Company's outstanding common stock for $6.00 per share for the treasury. + D. Reissued 4000 shares of the company stock that was acquired in C at a price of $8.00 + E. Reissued 3000 shares of Ihe company stock that was acquired in C at a price of $5.00 + F. Declared a dividend of $.15 cents per share of common stock and for the amount due the preferred stock. + G. Paid the required dividends Required: (a) Prepare the necessary journal entries (b) Prepare the stockholders' equity section of the balance sheet.
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