HANDOUT PROBLEM on VARIOUS OTHER STOCK TRANSACTIONSLast Corporation had the following stockholders' equity amounts on January 1, 2021:Preferred Stock, 4%, $20 par, 30,000 shares authorized,7,000 shares issued and 7,000 shares outstanding, cumulative(one year of dividends in arrears), nonparticipating$140,00014,000Paid in Capital in Excess of Par - PreferredCommon Stock, S10 par, 5,000,000 shares authorized,600,000 shares issued and 590,000 shares outstanding6,000,000Paid in Capital in Excess of Par – CommonTotal Paid in CapitalRetained EarningsTotal Paid in Capital plus Retained EarningsTreasury Stock18.000,00024,154,0002.000,00026,154,000- 390.000Total Stockholders' Equity$25,764,000Last completed the following chronological transactions during 2021:Declared a cash dividend to satisfy the preferred stockholders when the preferred stockwas selling for $22 per shareDeclared a 3% stock dividend for the common stockholders when the common stock wasа.b.selling for $48 per share.Paid the cash dividend in "a." when the preferred was selling for $21.75 per share.Paid the stock dividend in "b." when the common was selling for $47 per share.Called in 1,000 shares of preferred stock at the call price of $23.Sold 3,000 shares of the treasury stock for $49 per share in cash.Discovered a mistake in calculating depreciation back in 2019. The amount ofdepreciation was too high by $50,000. The tax rate in 2019 was 28% and the tax rate forc.d.е.f.2021 was 30%.INSTRUCTIONS:Prepare journal entries for the above eventsPrepare the updated stockholders' equity section of the balance sheet in good form onDecember 31, 2021, including the effects of the entries above assuming that net income1.2.for 2021 was $600,000.

Shareholders Equity Shareholders equity is considered to be the important part in the balance sheet…

selling for $48 per share. Paid the cash dividend in "a." when the preferred was selling for $21.75 per share. Paid the stock dividend in "b." when the common was selling for $47 per share. Called in 1,000 shares of preferred stock at the call price of S23. Sold 3,000 shares of the treasury stock for $49 per share in cash. Discovered a mistake in calculating depreciation back in 2019. The amount of depreciation was too high by $50,000. The tax rate in 2019 was 28% and the tax rate for c. d. e. f. g. 2021 was 30%. INSTRUCTIONS: Prepare journal entries for the above events Prepare the updated stockholders' equity section of the balance sheet in good form on December 31, 2021, including the effects of the entries above assuming that net income 1. 2. for 2021 was $600,000.

selling for $48 per share. Paid the cash dividend in "a." when the preferred was selling for $21.75 per share. Paid the stock dividend in "b." when the common was selling for $47 per share. Called in 1,000 shares of preferred stock at the call price of S23. Sold 3,000 shares of the treasury stock for $49 per share in cash. Discovered a mistake in calculating depreciation back in 2019. The amount of depreciation was too high by $50,000. The tax rate in 2019 was 28% and the tax rate for c. d. e. f. g. 2021 was 30%. INSTRUCTIONS: Prepare journal entries for the above events Prepare the updated stockholders' equity section of the balance sheet in good form on December 31, 2021, including the effects of the entries above assuming that net income 1. 2. for 2021 was $600,000.

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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