On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 246,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 17,000 shares outstanding Retained earnings Treasury stock, at cost, 4,600 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: $ 246,000 492,000 170,000 1,700,000 3,400,000 23,000 Declared a property dividend of 100,000 shares of Burak Company (book value $11.4 per share, fair value $9.70 per share). February 17: April 10: July 18: December 1: December 20: Required: 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 3% 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. Without preparing journal entries, prepare the shareholders' equity section of Dolar's balance sheet as of December 31, 2024. Assume net income is $460,000 for 2024. Note: Negative amounts should be entered with a minus sign. Dolar Incorporated Balance Sheet (Partial) December 31, 2024 Shareholders' equity Total shareholders' equity $ 0
On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 246,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 17,000 shares outstanding Retained earnings Treasury stock, at cost, 4,600 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: $ 246,000 492,000 170,000 1,700,000 3,400,000 23,000 Declared a property dividend of 100,000 shares of Burak Company (book value $11.4 per share, fair value $9.70 per share). February 17: April 10: July 18: December 1: December 20: Required: 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 3% 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. Without preparing journal entries, prepare the shareholders' equity section of Dolar's balance sheet as of December 31, 2024. Assume net income is $460,000 for 2024. Note: Negative amounts should be entered with a minus sign. Dolar Incorporated Balance Sheet (Partial) December 31, 2024 Shareholders' equity Total shareholders' equity $ 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts.
Common stock, $1 par, 246,000 shares issued
Paid-in capital-excess of par, common
Paid-in capital-excess of par, preferred
Preferred stock, $100 par, 17,000 shares outstanding
Retained earnings
Treasury stock, at cost, 4,600 shares
During 2024, Dolar Incorporated had several transactions relating to common stock.
January 15:
$ 246,000
492,000
170,000
1,700,000
3,400,000
23,000
Declared a property dividend of 100,000 shares of Burak Company (book value $11.4 per share, fair value
$9.70 per share).
February 17:
April 10:
July 18:
December 1:
December 20:
Required:
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 3% 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.
Without preparing journal entries, prepare the shareholders' equity section of Dolar's balance sheet as of December 31, 2024. Assume
net income is $460,000 for 2024.
Note: Negative amounts should be entered with a minus sign.
Dolar Incorporated
Balance Sheet (Partial)
December 31, 2024
Shareholders' equity
Total shareholders' equity
$
0
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