On January 5, 2020, Sage Corporation received a charter granting the right to issue 5,100 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 48,600 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Feb. 1 July 29 Aug. 10 Dec. 31 Dec. 31 Issued 19,900 shares of common stock at $16 per share. Issued to Sanchez Corp. 4, 100 shares of preferred stock for the following assets: equipment with a fair value of $52,500; a factory building with a fair value of $166,000; and land with an appraised value of $252,000. Purchased 1,800 shares of common stock at $18 per share. (Use cost method.) Sold the 1,800 treasury shares at $15 per share. Declared a $0.45 per share cash dividend on the common stock and declared the preferred dividend. Closed the Income Summary account. There was a $172,200 net income.
On January 5, 2020, Sage Corporation received a charter granting the right to issue 5,100 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 48,600 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Feb. 1 July 29 Aug. 10 Dec. 31 Dec. 31 Issued 19,900 shares of common stock at $16 per share. Issued to Sanchez Corp. 4, 100 shares of preferred stock for the following assets: equipment with a fair value of $52,500; a factory building with a fair value of $166,000; and land with an appraised value of $252,000. Purchased 1,800 shares of common stock at $18 per share. (Use cost method.) Sold the 1,800 treasury shares at $15 per share. Declared a $0.45 per share cash dividend on the common stock and declared the preferred dividend. Closed the Income Summary account. There was a $172,200 net income.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please help me with all answers
Transcribed Image Text:Record the journal entries for the transactions listed above. (Credit account titles are automatically indented when amount is
anteved. Do not indent manuelly if no entry is required, select "No Entry for the account titles and enter 0 for the
amounts. Record entries in the order displayed in the problem statement. Round answers to O decimal places, eg
$5.275.J
Date
Feb. 1
July 29
Aug 10
Dec. 31
Dec. 31 4
(b)
Account Titles and Explanation
Common Stock
Pidin Capitalin Excess of P-Cowon Stock
Lind
Preferred Stock
Treasury Stock
Cash
Cash
Trary Sock
B
Debit
SAGE CORPORATION
Stockholders' Equity
318400
December 31, 2020
164000
252000
32.400
27,000
5400
41,755
Credit
I need help filling up the blanks on the below portion for part B prepare the stockholders' equity section of Sage
Corporation's balance sheet as December 31,2020
11:400
60500
Prepare the stockholders equity section of Sage Corporation's balance sheet as of December 31, 2020 (Enter account name
only and do not provide descriptive information)
32,400
Transcribed Image Text:On January 5, 2020, Sage Corporation received a charter granting the right to issue 5,100 shares of $100 par value, 7% cumulative
and nonparticipating preferred stock, and 48,600 shares of $10 par value common stock. It then completed these transactions.
Jan. 11
Feb. 1
July 29
Aug. 10
Dec. 31
Dec. 31
Issued 19,900 shares of common stock at $16 per share.
Issued to Sanchez Corp. 4,100 shares of preferred stock for the following assets: equipment with a fair value of
$52,500; a factory building with a fair value of $166,000; and land with an appraised value of $252,000.
Purchased 1,800 shares of common stock at $18 per share. (Use cost method.)
Sold the 1,800 treasury shares at $15 per share.
Declared a $0.45 per share cash dividend on the common stock and declared the preferred dividend.
Closed the Income Summary account. There was a $172,200 net income.
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