Required information Problem 10-58 (Static) 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, 125 shares of preferred stock and 3,000 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 April 1 June 1 Issue 3,000 additional shares of common stock for $10 per share. Issue 175 additional shares of preferred stock for $40 per share. Declare a cash dividend on both common and preferred stock of $0.25 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 $7 per share. October 1 Resell 125 shares of treasury stock purchased on August 1 for $9 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,250; Common Stock, $3,000; Additional Paid-in Capital, $19,500; and Retained Earnings, $11,500. Net income for the year ended December 31, 2024, is $7,650. Taking into consideration the beginning balances on January 1, 2024 and all the transactions during 2024, respond to the following for Nautical:
Required information Problem 10-58 (Static) 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, 125 shares of preferred stock and 3,000 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 April 1 June 1 Issue 3,000 additional shares of common stock for $10 per share. Issue 175 additional shares of preferred stock for $40 per share. Declare a cash dividend on both common and preferred stock of $0.25 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 $7 per share. October 1 Resell 125 shares of treasury stock purchased on August 1 for $9 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,250; Common Stock, $3,000; Additional Paid-in Capital, $19,500; and Retained Earnings, $11,500. Net income for the year ended December 31, 2024, is $7,650. Taking into consideration the beginning balances on January 1, 2024 and all the transactions during 2024, respond to the following for Nautical:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 10-5B (Static) 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
NAUTICAL
Statement of Stockholders' Equity
For the Year Ended December 31, 2024
Preferred
Stock
$
Common
Stock
0 $
Additional
Paid-in
Capital
0 $
Retained.
Earnings
0 $
Treasury
Stock
$
Total
Stockholders'
Equity
0 $
0
![Required information
Problem 10-5B (Static) 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,
125 shares of preferred stock and 3,000 shares of common stock have been issued. The following transactions affect
stockholders' equity during 2024:
Issue 3,000 additional shares of common stock for $10 per share..
Issue 175 additional shares of preferred stock for $40 per share.
Declare a cash dividend on both common and preferred stock of $0.25 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 $7 per share.
October 1 Resell 125 shares of treasury stock purchased on August 1 for $9 per share.
March 1
April 1
June 1
Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock,
$1,250; Common Stock, $3,000; Additional Paid-in Capital, $19,500; and Retained Earnings, $11,500. Net income for the
year ended December 31, 2024, is $7,650.
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 (Static) Part 2](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F23bd4a69-1fc4-4ab7-a754-b46ed29207ab%2Fa48d7afd-d24d-4c9e-b8b5-a3318094b306%2F4isr19e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Problem 10-5B (Static) 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,
125 shares of preferred stock and 3,000 shares of common stock have been issued. The following transactions affect
stockholders' equity during 2024:
Issue 3,000 additional shares of common stock for $10 per share..
Issue 175 additional shares of preferred stock for $40 per share.
Declare a cash dividend on both common and preferred stock of $0.25 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 $7 per share.
October 1 Resell 125 shares of treasury stock purchased on August 1 for $9 per share.
March 1
April 1
June 1
Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock,
$1,250; Common Stock, $3,000; Additional Paid-in Capital, $19,500; and Retained Earnings, $11,500. Net income for the
year ended December 31, 2024, is $7,650.
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 (Static) Part 2
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