On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 253,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 11,500 shares outstanding Retained earnings Treasury stock, at cost, 5,300 shares $ 253,000 506,000 115,000 1,150,000 2,300,000 26,500
On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 253,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 11,500 shares outstanding Retained earnings Treasury stock, at cost, 5,300 shares $ 253,000 506,000 115,000 1,150,000 2,300,000 26,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts.
Common stock, $1 par, 253,000 shares issued
Paid-in capital-excess of par, common
Paid-in capital-excess of par, preferred
Preferred stock, $100 par, 11,500 shares outstanding
Retained earnings
Treasury stock, at cost, 5,300 shares.
During 2024, Dolar Incorporated had several transactions relating to common stock.
January 15:
February 17:
April 10:
July 18:
December 1:
December 20:
Shareholders' equity
Retained earnings
Declared a property dividend of 100,000 shares of Burak Company (book value $10.3 per share, fair value
$9.15 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 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.
Required:
Without preparing journal entries, prepare the shareholders' equity section of Dolar's balance sheet as of December 31, 2024. Assume
net income is $530,000 for 2024.
Note: Negative amounts should be entered with a minus sign.
$ 253,000
506,000
115,000
1,150,000
2,300,000
26,500
Dolar Incorporated
Balance Sheet (Partial)
December 31, 2024
Total shareholders' equity
$ 2,300,000
$ 2,300,000
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