Required information Problem 10-2B Record equity transactions and indicate the effect on the balance sheet equation (LO10-2, 10-3, 10-4, 10-5) [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 2021, 125 shares of preferred stock and 1,100 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: 1 Issue 1,100 additional shares of common stock for $11 per share. March April 1 Issue 175 additional shares of preferred stock for $21 per share. June 1 Declare a cash dividend on both common and preferred stock of $0.30 per share to all stockholders of record on June 15. June 30 Pay the cash dividends declared on June 1. August 1 Purchase 175 shares of common treasury stock for $8 per share. October 1 Reissue 125 shares of treasury stock purchased on August 1 for $10 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Preferred Stock, $1,250; Common Stock, $1,100; Additional Paid-in Capital, $17,600; and Retained Earnings, $9,600. Net income for the year ended December 31, 2021, is $6,700. Problem 10-2B Part 1 Required: 1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 3 9. > Record the declaration of cash dividend on both common and preferred stock of $0.30 per share to all stockholders of record on June 15. Note: Enter debits before credits. Date General Journal Debit Credit June 01, 2021 Dividends Dividends Payable Record entry View general journal
Required information Problem 10-2B Record equity transactions and indicate the effect on the balance sheet equation (LO10-2, 10-3, 10-4, 10-5) [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 2021, 125 shares of preferred stock and 1,100 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: 1 Issue 1,100 additional shares of common stock for $11 per share. March April 1 Issue 175 additional shares of preferred stock for $21 per share. June 1 Declare a cash dividend on both common and preferred stock of $0.30 per share to all stockholders of record on June 15. June 30 Pay the cash dividends declared on June 1. August 1 Purchase 175 shares of common treasury stock for $8 per share. October 1 Reissue 125 shares of treasury stock purchased on August 1 for $10 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Preferred Stock, $1,250; Common Stock, $1,100; Additional Paid-in Capital, $17,600; and Retained Earnings, $9,600. Net income for the year ended December 31, 2021, is $6,700. Problem 10-2B Part 1 Required: 1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 3 9. > Record the declaration of cash dividend on both common and preferred stock of $0.30 per share to all stockholders of record on June 15. Note: Enter debits before credits. Date General Journal Debit Credit June 01, 2021 Dividends Dividends Payable Record entry View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I dont know how to solve this. I got 765 as my answer but that was incorrect.
![Required information
Problem 10-2B Record equity transactions and indicate the effect on the balance sheet equation (LO10-2,
10-3, 10-4, 10-5)
[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 2021, 125 shares of preferred stock and 1,100 shares of common stock have been issued. The
following transactions affect stockholders' equity during 2021:
1 Issue 1,100 additional shares of common stock for $11 per share.
1 Issue 175 additional shares of preferred stock for $21 per share.
1 Declare a cash dividend on both common and preferred stock of $0.30
per share to all stockholders of record on June 15.
March
April
June
June 30 Pay the cash dividends declared on June 1.
August
October
1 Purchase 175 shares of common treasury stock for $8 per share.
1 Reissue 125 shares of treasury stock purchased on August 1 for $10
per share.
Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2021:
Preferred Stock, $1,250; Common Stock, $1,100; Additional Paid-in Capital, $17,600; and Retained Earnings,
$9,600. Net income for the year ended December 31, 2021, is $6,700.
Problem 10-2B Part 1
Required:
1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal
Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
1
3
4
>
Record the declaration of cash dividend on both common
and preferred stock of $0.30 per share to all
stockholders of record on June 15.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
June 01,
2021
Dividends
Dividends Payable
Record entry
View general journal
Clear entry](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9f4d18d7-1138-4584-a6e0-adb951364029%2F3c99b1a1-512f-4774-acfa-63fffeb156d7%2Fn7pdqwn_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
Problem 10-2B Record equity transactions and indicate the effect on the balance sheet equation (LO10-2,
10-3, 10-4, 10-5)
[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 2021, 125 shares of preferred stock and 1,100 shares of common stock have been issued. The
following transactions affect stockholders' equity during 2021:
1 Issue 1,100 additional shares of common stock for $11 per share.
1 Issue 175 additional shares of preferred stock for $21 per share.
1 Declare a cash dividend on both common and preferred stock of $0.30
per share to all stockholders of record on June 15.
March
April
June
June 30 Pay the cash dividends declared on June 1.
August
October
1 Purchase 175 shares of common treasury stock for $8 per share.
1 Reissue 125 shares of treasury stock purchased on August 1 for $10
per share.
Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2021:
Preferred Stock, $1,250; Common Stock, $1,100; Additional Paid-in Capital, $17,600; and Retained Earnings,
$9,600. Net income for the year ended December 31, 2021, is $6,700.
Problem 10-2B Part 1
Required:
1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal
Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
1
3
4
>
Record the declaration of cash dividend on both common
and preferred stock of $0.30 per share to all
stockholders of record on June 15.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
June 01,
2021
Dividends
Dividends Payable
Record entry
View general journal
Clear entry
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