Problem 10-5B (Algo) Understand stockholders' equity and the statement of stockholders' equity (LO10- 7) [The following information applies to the questions displayed below.] Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 150 shares of preferred stock and 2,800 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 April 1 June 1 Issue 2,800 additional shares of common stock for $12 per share. Issue 150 additional shares of preferred stock for $38 per share. Declare a cash dividend on both common and preferred stock of $8.35 per share to all stockholders of record on June 15. Pay the cash dividends declared on June 1. June 30 August 1 Purchase 250 shares of common treasury stock for $9 per share. October 1 Resell 150 shares of treasury stock purchased on August 1 for $11 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,500; Common Stock, $2,800; Additional Pald-in Capital, $19,300; and Retained Earnings, $11,300. Net Income for the year ended December 31, 2024, Is $7,550. Taking into consideration the beginning balances on January 1, 2024 and all the transactions during 2024, respond to the following for Nautical: oblem 10-5B (Algo) Part 2 Prepare the statement of stockholders' equity for the year ended December 31, 2024. (Amounts to be deducted should be dicated by a minus sign.)
Problem 10-5B (Algo) Understand stockholders' equity and the statement of stockholders' equity (LO10- 7) [The following information applies to the questions displayed below.] Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 150 shares of preferred stock and 2,800 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 April 1 June 1 Issue 2,800 additional shares of common stock for $12 per share. Issue 150 additional shares of preferred stock for $38 per share. Declare a cash dividend on both common and preferred stock of $8.35 per share to all stockholders of record on June 15. Pay the cash dividends declared on June 1. June 30 August 1 Purchase 250 shares of common treasury stock for $9 per share. October 1 Resell 150 shares of treasury stock purchased on August 1 for $11 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,500; Common Stock, $2,800; Additional Pald-in Capital, $19,300; and Retained Earnings, $11,300. Net Income for the year ended December 31, 2024, Is $7,550. Taking into consideration the beginning balances on January 1, 2024 and all the transactions during 2024, respond to the following for Nautical: oblem 10-5B (Algo) Part 2 Prepare the statement of stockholders' equity for the year ended December 31, 2024. (Amounts to be deducted should be dicated by a minus sign.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Problem 10-5B (Algo) Understand stockholders' equity and the statement of stockholders' equity (LO10-
7)
[The following information applies to the questions displayed below.]
Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024,
150 shares of preferred stock and 2,800 shares of common stock have been issued. The following transactions affect
stockholders' equity during 2024:
March 1
April 1
June 1
Issue 2,800 additional shares of common stock for $12 per share.
Issue 150 additional shares of preferred stock for $38 per share.
Declare a cash dividend on both common and preferred stock of $0.35 per share to all stockholders of record
on June 15.
Pay the cash dividends declared on June 1.
June 30
August 1
Purchase 250 shares of common treasury stock for $9 per share.
October 1 Resell 150 shares of treasury stock purchased on August 1 for $11 per share.
Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock,
$1,500; Common Stock, $2,800; Additional Pald-in Capital, $19,300; and Retained Earnings, $11,300. Net Income for the
year ended December 31, 2024, Is $7,550.
Taking into consideration the beginning balances on January 1, 2024 and all the transactions during 2024, respond to the
following for Nautical:
Problem 10-5B (Algo) Part 2
2. Prepare the statement of stockholders' equity for the year ended December 31, 2024. (Amounts to be deducted should be
Indicated by a minus sign.)
Balance, January 1
Issue common stock
Issue preferred stock
Declare dividends
Purchase treasury stock
Resell treasury stock
Net income
Balance, December 31
Preferred
Stock
S
NAUTICAL
Statement of Stockholders' Equity
For the Year Ended December 31, 2024
Common Stock
$
Additional
Paid-in Capital
$
0 $
Retained
Earnings
Treasury
Stock
0
Total
Stockholders'
Equity
$
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52b934a2-79d1-43c1-ad75-16c9fef7fa9d%2Fb65c496b-fec2-4a51-8cde-21866be1503f%2Ffjfret4_processed.png&w=3840&q=75)
Transcribed Image Text:Problem 10-5B (Algo) Understand stockholders' equity and the statement of stockholders' equity (LO10-
7)
[The following information applies to the questions displayed below.]
Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024,
150 shares of preferred stock and 2,800 shares of common stock have been issued. The following transactions affect
stockholders' equity during 2024:
March 1
April 1
June 1
Issue 2,800 additional shares of common stock for $12 per share.
Issue 150 additional shares of preferred stock for $38 per share.
Declare a cash dividend on both common and preferred stock of $0.35 per share to all stockholders of record
on June 15.
Pay the cash dividends declared on June 1.
June 30
August 1
Purchase 250 shares of common treasury stock for $9 per share.
October 1 Resell 150 shares of treasury stock purchased on August 1 for $11 per share.
Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock,
$1,500; Common Stock, $2,800; Additional Pald-in Capital, $19,300; and Retained Earnings, $11,300. Net Income for the
year ended December 31, 2024, Is $7,550.
Taking into consideration the beginning balances on January 1, 2024 and all the transactions during 2024, respond to the
following for Nautical:
Problem 10-5B (Algo) Part 2
2. Prepare the statement of stockholders' equity for the year ended December 31, 2024. (Amounts to be deducted should be
Indicated by a minus sign.)
Balance, January 1
Issue common stock
Issue preferred stock
Declare dividends
Purchase treasury stock
Resell treasury stock
Net income
Balance, December 31
Preferred
Stock
S
NAUTICAL
Statement of Stockholders' Equity
For the Year Ended December 31, 2024
Common Stock
$
Additional
Paid-in Capital
$
0 $
Retained
Earnings
Treasury
Stock
0
Total
Stockholders'
Equity
$
0
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