On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 247,000 shares issued $ 247,000 494,000 Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred 165,000 Preferred stock, $100 par, 16,500 shares outstanding Retained earnings Treasury stock, at cost, 4,700 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 20: 1,650,000 3,300,000 23,500 Declared a property dividend of 100,000 shares of Burak Company (book value $11.3 per share, fair value $9.65 per share). Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share. Declared a 50 cents per share cash dividend on the outstanding common shares. Paid the cash dividend. Required: Without preparing journal entries, prepare the shareholders' equity section of Dolar's balance sheet as of December 31, 2024. Assume het Income is $470,000 for 2024. det minus
On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 247,000 shares issued $ 247,000 494,000 Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred 165,000 Preferred stock, $100 par, 16,500 shares outstanding Retained earnings Treasury stock, at cost, 4,700 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 20: 1,650,000 3,300,000 23,500 Declared a property dividend of 100,000 shares of Burak Company (book value $11.3 per share, fair value $9.65 per share). Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share. Declared a 50 cents per share cash dividend on the outstanding common shares. Paid the cash dividend. Required: Without preparing journal entries, prepare the shareholders' equity section of Dolar's balance sheet as of December 31, 2024. Assume het Income is $470,000 for 2024. det minus
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts.
Common stock, $1 par, 247,000 shares issued
Paid-in capital-excess of par, common
Paid-in capital-excess of par, preferred
Preferred stock, $100 par, 16,500 shares outstanding
Retained earnings
Treasury stock, at cost, 4,700 shares
During 2024, Dolar Incorporated had several transactions relating to common stock.
January 15:
February 17:
April 10:
July 18:
December 1:
December 20:
Declared a property dividend of 100,000 shares of Burak Company (book value $11.3 per share, fair value
$9.65 per share).
Distributed the property dividend.
A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a
stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4
on this date.
Shareholders' equity
$ 247,000
494,000
165,000
1,650,000
3,300,000
23,500
Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share.
Declared a 50 cents per share cash dividend on the outstanding common shares.
Paid the cash dividend.
Required:
Without preparing journal entries, prepare the shareholders' equity section of Dolar's balance sheet as of December 31, 2024. Assume
net income is $470,000 for 2024.
Note: Negative amounts should be entered with a minus sign.
Dolar Incorporated
Balance Sheet (Partial)
December 31, 2024
Total shareholders' equity](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0cfdbee5-edec-471d-b820-a938a8aae01f%2F02b482ee-540b-492a-aebd-a6879edef19f%2Fg6sxb4_processed.png&w=3840&q=75)
Transcribed Image Text:On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts.
Common stock, $1 par, 247,000 shares issued
Paid-in capital-excess of par, common
Paid-in capital-excess of par, preferred
Preferred stock, $100 par, 16,500 shares outstanding
Retained earnings
Treasury stock, at cost, 4,700 shares
During 2024, Dolar Incorporated had several transactions relating to common stock.
January 15:
February 17:
April 10:
July 18:
December 1:
December 20:
Declared a property dividend of 100,000 shares of Burak Company (book value $11.3 per share, fair value
$9.65 per share).
Distributed the property dividend.
A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a
stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4
on this date.
Shareholders' equity
$ 247,000
494,000
165,000
1,650,000
3,300,000
23,500
Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share.
Declared a 50 cents per share cash dividend on the outstanding common shares.
Paid the cash dividend.
Required:
Without preparing journal entries, prepare the shareholders' equity section of Dolar's balance sheet as of December 31, 2024. Assume
net income is $470,000 for 2024.
Note: Negative amounts should be entered with a minus sign.
Dolar Incorporated
Balance Sheet (Partial)
December 31, 2024
Total shareholders' equity
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.
Step by step
Solved in 3 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
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