Please do not give solution in image format ? And Fast Answering Please ? And Explain Proper Step by Step. Requireda. Provide entries for each of the transactions.a. Provide entries for each of the transactions.DateFeb. 1CashFeb. 15 CashPaid-in Capital in Excess of Par-Common StockCommon StockTo record issuance of common stockMar. 1 Treasury StockCashPreferred StockPaid-in Capital in Excess of Par-Preferred StockTo record issuance of preferred stockMar. 31 Retained EarningsJuly 1To record acquisition of common stockApril 30 Dividends PayableCashDividends PayableTo record cash dividends declaredMay 31 Retained EarningsTo record cash dividend paymentAccount NameJune 30 CashCommon Stock Dividends DistributablePaid-in Capital in Excess of Par-Common StockTo record stock dividend on date of declaration.Treasury StockPaid-in Capital-Treasury StockTo record sale of treasury stockCommon Stock Dividends DistributableCommon StockTo record distribution of stock dividendSept. 30 Retained EarningsDividends PayableTo record cash dividends declared on common stockSept. 30 Retained EarningsDividends PayableTo record cash dividends declared on preferred stockSept. 30 Income SummaryRetained EarningsTo close income summary to retained earningsStockholders' Equity$Preferred stockCommon stockPaid-in capital in excess of parRetained earningsTreasury stockDr.✓36,000,00012,000,00012,000,000 x12,000,000 x12,000,000 x444,000 x48,444,000VVVvVVVVVVVVVVVVVVVV0013,200,00000444,00001,897,60001,897,600018,976,00000000000000V 30,000,000V0Cr.016,000,00020,000,000012,000,000✔1,200,000 ✓0444,00001,897,600D✔1,897,6000✔9,488,000✔9,488,000✔0x0x0x0x0x0x0xb. Provide a summary of the year-end balances of the company's stockholders' equity accounts, including preferred stock, common stock, paid-in capital in excess of par, retained earnings, and treasury stock.Note: Use a negative sign with contra account(s).0x0x030,000,000✔ Recording Equity Journal Entries and Reporting Stockholders' EquityHaywood Co. is a publicly owned company whose shares are traded on a national stock exchange. At January 1Haywood had 30 million shares of $10 par value common stock authorized, of which 18 million shares were issued and 17million shares were outstanding.The stockholders' equity accounts at January 1 had the following beginning balances ($ millions).$180Common stockPaid-in capital in excess of par 96Retained earnings60Treasury stock(22)During the year, Haywood had the following transactions.1. On February 1, a secondary distribution of 2 million shares of $10 par value common stock was completed. The stockwas issued to the public at $18 per share, net of issue costs.2. On February 15, issued at $110 per share, 120,000 shares of $100 par value, 8% cumulative preferred stock.3. On March 1, reacquired 24,000 shares of its common stock for $18.50 per share for the treasury.4. On March 31, declared a semi-annual cash dividend on common stock of 10 cents per share, payable on April 30 tostockholders of record on April 10.5. On May 31, when the market price of the common stock was $20 per share, declared a 5% stock dividend distributableon July 1 to stockholders of record on June 1.6. On June 30, sold the 24,000 treasury shares reacquired on March 1 and an additional 336,000 treasury shares costing$6.7 million that were held at the beginning of the year. The selling price was $25 per share.7. On September 30, declared a semi-annual cash dividend on common stock of 10 cents per share and the yearlydividend on preferred stock, both payable on October 30 to stockholders of record on October 10.8. Net income for the year was 30.0 million.

A journal entry is a record of a business transaction in your business books.

Recording Equity Journal Entries and Reporting Stockholders' Equity Haywood Co. is a publicly owned company whose shares are traded on a national stock exchange. At January 1 Haywood had 30 million shares of $10 par value common stock authorized, of which 18 million shares were issued and 17 million shares were outstanding. The stockholders' equity accounts at January 1 had the following beginning balances ($ millions). $180 Common stock Paid-in capital in excess of par 96 Retained earnings 60 Treasury stock During the year, Haywood had the following transactions. 1. On February 1, a secondary distribution of 2 million shares of $10 par value common stock was completed. The stock was issued to the public at $18 per share, net of issue costs. (22) 2. On February 15, issued at $110 per share, 120,000 shares of $100 par value, 8% cumulative preferred stock. 3. On March 1, reacquired 24,000 shares of its common stock for $18.50 per share for the treasury. 4. On March 31, declared a semi-annual cash dividend on common stock of 10 cents per share, payable on April 30 to stockholders of record on April 10. 5. On May 31, when the market price of the common stock was $20 per share, declared a 5% stock dividend distributable on July 1 to stockholders of record on June 1. 6. On June 30, sold the 24,000 treasury shares reacquired on March 1 and an additional 336,000 treasury shares costing $6.7 million that were held at the beginning of the year. The selling price was $25 per share. 7. On September 30, declared a semi-annual cash dividend on common stock of 10 cents per share and the yearly dividend on preferred stock, both payable on October 30 to stockholders of record on October 10. 8. Net income for the year was 30.0 million.

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q