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Requirement 1. Record the transactions. Deerborn's general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Acco Explanation column and leave the remaining cells blank.) Jan 16: Declared a cash dividend on the 6%, $103 par noncumulative preferred stock (1,050 shares outstanding). Declared a $0.20 per share dividend on the 100,000 shares of $2 par value common stock outstanding. The date of record is Jan and the payment date is February 15. More info Jan. 16 Feb. 15 Jun. 10 Jul. 30 Aug. 15 Oct. 26 - X Declared a cash dividend on the 6%, $103 par noncumulative preferred stock (1,050 shares outstanding). Declared a $0.20 per share dividend on the 100,000 shares of $2 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Paid the cash dividends. Split common stock 2-for-1. Declared a 30% stock dividend on the common stock. The market value of the common stock was $9 per share. Distributed the stock dividend. Purchased 1,000 shares of treasury stock at $8 per share. stock for $10 por Requirements 1. Record the transactions in Deerborn's general journal. 2. Prepare the Deerborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Deerborn was authorized to issue 2,600 shares of preferred stock and 400,000 shares of common stock. Both preferred stock and common stock were issued at par. The ending balance of retained earnings as of December 31, 2024, is $2,060,000 Print - X Done

Requirement 1. Record the transactions. Deerborn's general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Acco Explanation column and leave the remaining cells blank.) Jan 16: Declared a cash dividend on the 6%, $103 par noncumulative preferred stock (1,050 shares outstanding). Declared a $0.20 per share dividend on the 100,000 shares of $2 par value common stock outstanding. The date of record is Jan and the payment date is February 15. More info Jan. 16 Feb. 15 Jun. 10 Jul. 30 Aug. 15 Oct. 26 - X Declared a cash dividend on the 6%, $103 par noncumulative preferred stock (1,050 shares outstanding). Declared a $0.20 per share dividend on the 100,000 shares of $2 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Paid the cash dividends. Split common stock 2-for-1. Declared a 30% stock dividend on the common stock. The market value of the common stock was $9 per share. Distributed the stock dividend. Purchased 1,000 shares of treasury stock at $8 per share. stock for $10 por Requirements 1. Record the transactions in Deerborn's general journal. 2. Prepare the Deerborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Deerborn was authorized to issue 2,600 shares of preferred stock and 400,000 shares of common stock. Both preferred stock and common stock were issued at par. The ending balance of retained earnings as of December 31, 2024, is $2,060,000 Print - X Done

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Start at Jul 30th and go all the way through please.
Deerborn Manufacturing Co. completed the following transactions during 2024: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in Deerborn's general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.) Jan. 16: Declared a cash dividend on the 6%, $103 par noncumulative preferred stock (1,050 shares outstanding). Declared a $0.20 per share dividend on the 100,000 shares of $2 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. More info Jan. 16 Feb. 15 Jun. 10 Jul. 30 Aug. 15 Oct. 26 Nov. 8 Nov. 30 C - X Declared a cash dividend on the 6%, $103 par noncumulative preferred stock (1,050 shares outstanding). Declared a $0.20 per share dividend on the 100,000 shares of $2 par value common stock outstanding. The date of record is January 31, and the payment date is February Paid the cash dividends. Split common stock 2-for-1. Declared a 30% stock dividend on the common stock. The market value of the common stock was $9 per share. Distributed the stock dividend. Purchased 1,000 shares of treasury stock at $8 per share. Sold 500 shares of treasury stock for $10 per share. Sold 300 shares of treasury stock for $4 per share. Requirements 1. 2. Record the transactions in Deerborn's general journal. Prepare the Deerborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Deerborn was authorized to issue 2,600 shares of preferred stock and 400,000 shares of common stock. Both preferred stock and common stock were issued at par. The ending balance of retained earnings as of December 31, 2024, is $2,060,000. 4 Print - X Done
Transcribed Image Text:Deerborn Manufacturing Co. completed the following transactions during 2024: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in Deerborn's general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.) Jan. 16: Declared a cash dividend on the 6%, $103 par noncumulative preferred stock (1,050 shares outstanding). Declared a $0.20 per share dividend on the 100,000 shares of $2 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. More info Jan. 16 Feb. 15 Jun. 10 Jul. 30 Aug. 15 Oct. 26 Nov. 8 Nov. 30 C - X Declared a cash dividend on the 6%, $103 par noncumulative preferred stock (1,050 shares outstanding). Declared a $0.20 per share dividend on the 100,000 shares of $2 par value common stock outstanding. The date of record is January 31, and the payment date is February Paid the cash dividends. Split common stock 2-for-1. Declared a 30% stock dividend on the common stock. The market value of the common stock was $9 per share. Distributed the stock dividend. Purchased 1,000 shares of treasury stock at $8 per share. Sold 500 shares of treasury stock for $10 per share. Sold 300 shares of treasury stock for $4 per share. Requirements 1. 2. Record the transactions in Deerborn's general journal. Prepare the Deerborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Deerborn was authorized to issue 2,600 shares of preferred stock and 400,000 shares of common stock. Both preferred stock and common stock were issued at par. The ending balance of retained earnings as of December 31, 2024, is $2,060,000. 4 Print - X Done
Date Feb. 15: Paid the cash dividends. Feb. 15 Date Jun. 10 Dividers rayavitCTION Declared a cash dividend. Date Jun. 10: Split common stock 2-for-1. Jul. 30 Accounts and Explanation Dividends Payable-Preferred Dividends Payable-Common Cash Paid cash dividend. Accounts and Explanation No entry required Debit Stock Dividends Common Stock Dividend Distributable Paid-In Capital in Excess of Par-Common 6,489 20,000 Debit Jul. 30: Declared a 30% stock dividend on the common stock. The market value of the common stock was $9 per share. Accounts and Explanation Credit Debit 20,000 600000 Credit 26,489 Credit 60,000 540000
Transcribed Image Text:Date Feb. 15: Paid the cash dividends. Feb. 15 Date Jun. 10 Dividers rayavitCTION Declared a cash dividend. Date Jun. 10: Split common stock 2-for-1. Jul. 30 Accounts and Explanation Dividends Payable-Preferred Dividends Payable-Common Cash Paid cash dividend. Accounts and Explanation No entry required Debit Stock Dividends Common Stock Dividend Distributable Paid-In Capital in Excess of Par-Common 6,489 20,000 Debit Jul. 30: Declared a 30% stock dividend on the common stock. The market value of the common stock was $9 per share. Accounts and Explanation Credit Debit 20,000 600000 Credit 26,489 Credit 60,000 540000
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