shares of common stock at $11, receiving cash. ws: A. vs: B. Issued 5,000 shares of preferred 2% stock at $90. c. Purchased 150,000 shares of treasury common for $10 per share. D. Sold 80,000 shares of treasury common for $13 per share. E Sold 20,000 shares of treasury common for $9 per share. F. Declared cash dividends of $1.50 per share on preferred stock and $0.06 per share on common stock G. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by lette eldo PR 12-4A Entries for selected corporate transactions Obj. 2, 3, 4, 6 al Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises' stockholders' , equity accounts, with balances on January 1, 20Y6, are as follows: Common Stock, $20 stated value (500,000 shares authorized, 375,000 shares issued)...... Paid-In Capital in Excess of Stated Value-Common Stock.... Retained Earnings. Treasury Stock (25,000 shares, at cost) ..... $ 7,500,000 825,000 33,600,000 450,000 tani The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of $0.08 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $28,000. Apr. 10. Issued 75,000 shares of common stock for $24 per share. June 6. Sold all of the treasury stock for $26 per share. July 5. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $25 per share. Aug. 15. Issued shares of stock for the stock dividend declared on July 5. Nov. 23. Purchased 30,000 shares of treasury stock for $19 per share. Dec. 28. Declared a $0.10-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $1,125,000. letter, 31. Closed the two dividends accounts to Retained Earnings. Instructions 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts listed. Also prepare T accounts for the following: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. 2. Journalize the entries to record the transactions, and post to the eight selected accounts. 3. Prepare a retained earnings statement for the year ended December 31, 20Y6. 4. Prepare the Stockholders' Equity section of the December 31, 20Y6, balance sheet. PR 12-5A Entries for selected corporate transactions Selected transactions completed by Primo Discount Corporation during the current fiscal year Obj. 2, 3, 4, 5 9. Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,200,000 common shares outstanding. are as follows: Jan. Feb. 28. Purchased 40,000 shares of the corporation's own common stock at $28, recording the stock at cost. ual dividends of $0.80 on 75,000 shares of preferred stock and $0.12 on the common 3LUCK Payable on July 1. 1. Paid the cash dividends. Ur 90.) J UN T8,000 shares of preferred stock and $0.28 on the common July Oct. 31. Declared semiannual dividends of $0.75 on the preferred stock and $0.14 on the common stock (berore the stock dividend). In addition, a 5% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $52. ad o Dec. 31. Paid the cash dividends and issued the certificates for the common stock dividend. Journalize the transactions. lo cotre EX 12-14 Treasury stock transactions aloloor 8r-S X3 Obj. 5 redit Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 40,000 shares of its common stock at $44 per share. On September 22, Mystic Lake sold 30,000 of the reacquired shares at $50 per share. The remaining 10,000 shares were sold at $43 per share on November 23. E HOW A. Journalize the transactions of July 9, September 22, and November 23. B. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? C. For what reasons might Mystic Lake Inc. have purchased the treasury stock? Obj. 5, 6 edit SprayCo Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year, SprayCo reacquired 62,000 shares of its common stock at $51 per share. On June 9, 48,000 of the reacquired shares were sold at $60 per share, and oon November 13, 7,500 of the reacquired shares were sold at $54. EX 12-15 Treasury stock transactions E HOW A. Journalize the transactions of March 9, June 9, and November 13. B. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the