Skysong Company reported the following amounts in the stockholders' equity section of its December 31, 2024, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 1,800 shares issued) Common stock, $5 par (93,000 shares authorized, 18,600 shares issued) Additional paid-in capital Retained earnings Total During 2025, Skysong took part in the following transactions concerning stockholders' equity. Paid the annual 2024 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2024. 1. 2. 3. 4. 5. $180,000 93,000 130,000 467,000 $870,000 6. 7. Purchased 1,500 shares of its own outstanding common stock for $41 per share. Skysong uses the cost method. Reissued 800 treasury shares for land valued at $35,600. Issued 550 shares of preferred stock at $104 per share. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $46 per share. Issued the stock dividend. Declared the annual 2025 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2026.
Skysong Company reported the following amounts in the stockholders' equity section of its December 31, 2024, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 1,800 shares issued) Common stock, $5 par (93,000 shares authorized, 18,600 shares issued) Additional paid-in capital Retained earnings Total During 2025, Skysong took part in the following transactions concerning stockholders' equity. Paid the annual 2024 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2024. 1. 2. 3. 4. 5. $180,000 93,000 130,000 467,000 $870,000 6. 7. Purchased 1,500 shares of its own outstanding common stock for $41 per share. Skysong uses the cost method. Reissued 800 treasury shares for land valued at $35,600. Issued 550 shares of preferred stock at $104 per share. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $46 per share. Issued the stock dividend. Declared the annual 2025 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2026.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Skysong Company reported the following amounts in the stockholders' equity section of its December 31, 2024, balance sheet.
Preferred stock, 10%, $100 par (10,000 shares authorized, 1,800 shares issued)
$180,000
Common stock, $5 par (93,000 shares authorized, 18,600 shares issued)
93,000
Additional paid-in capital
Retained earnings
Total
During 2025, Skysong took part in the following transactions concerning stockholders' equity.
Paid the annual 2024 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These
dividends had been declared on December 31, 2024.
1.
2.
3.
4.
5.
130,000
467,000
$870,000
6.
7.
Purchased 1,500 shares of its own outstanding common stock for $41 per share. Skysong uses the cost method.
Reissued 800 treasury shares for land valued at $35,600.
Issued 550 shares of preferred stock at $104 per share.
Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $46 per share.
Issued the stock dividend.
Declared the annual 2025 $10 per share dividend on preferred stock and the $2 per share dividend on common stock.
These dividends are payable in 2026.
Transcribed Image Text:6.
7.
Treasury Stock
Pald-in Capital from Treasury Stock
Cash
Preferred Stock
Paid-in Capital in Excess of Par-Preferred Stock
Retained Earnings
Common Stock Dividend Distributable
Paid-in Capital in Excess of Par-Common Stock
Common Stock Dividend Distributable
Common Stock
Retained Earnings
Dividends Payable. Common Stock
Dividends Payable-Preferred Stock
57200
1
80960
8800
32800
2800
55000
2200
8800
72160
8800
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