Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 6,000 shares of its common stock at $74 per share. On September 22, Mystic Lake sold 4,200 of the reacquired shares at $80 per share. The remaining 1,800 shares were sold at $71 per share on November 23.a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank. Dividends Per ShareSeventy-Two Inc., a developer of radiology equipment, has stock outstanding as follows: 80,000 shares of cumulative preferred 3% stock, $20 par and 405,000 shares of$25 par common.During its first four years of operations, the following amounts were distributed as dividends: first year, $30,000; second year, $73,000; third year, $80,000; fourth year,$120,000.Determine the dividends per share on each class of stock for each of the four years. Round all answers to two decimal places. If no dividends are paid in a given year,enter "0.00".1st Year2nd Year3rd Year4th YearPreferred stock (dividends per share)0.37$0.750.480.48Common stock (dividends per share)

Buyback shares - it refers to the repurchasing of shares of stock by the company that issued them.…

Answered: Mystic Lake Inc. bottles and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 6,000 shares of its common stock at $74 per share. On September 22, Mystic Lake sold 4,200 of the reacquired shares at $80 per share. The remaining 1,800 shares were sold at $71 per share on November 23.

a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank.

Dividends Per Share
Seventy-Two Inc., a developer of radiology equipment, has stock outstanding as follows: 80,000 shares of cumulative preferred 3% stock, $20 par and 405,000 shares of
$25 par common.
During its first four years of operations, the following amounts were distributed as dividends: first year, $30,000; second year, $73,000; third year, $80,000; fourth year,
$120,000.
Determine the dividends per share on each class of stock for each of the four years. Round all answers to two decimal places. If no dividends are paid in a given year,
enter "0.00".
1st Year
2nd Year
3rd Year
4th Year
Preferred stock (dividends per share)
0.37
$
0.75
0.48
0.48
Common stock (dividends per share)

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