Sunland Corporation was organized on January 1, 2021. During its first year, the corporation issued 1,900 shares of $50 par valuepreferred stock and 108,000 shares of $10 par value common stock. At December 31, the company declared the following cashdividends: 2021, $5,200; 2022, $14,200; and 2023, $27,000.(a)Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and noncumulative.Allocation to preferred stock $Allocation to common stock$2021$$2022$$2023

ANSWER:- a) Allocation Of Dividends To Each Class Of Stock Dividend Is 6% And…

Answered: Sunland Corporation was organized on…

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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At the beginning of 2019, Hardin Company had 200,000 shares of $10 par common stock outstanding. During the year, it engaged in the following transactions related to its common stock: March 1 Issued 48,000 shares of stock at $25 per share. June 1 Issued a 15% stock dividend. July 1 Issued 10,000 shares of stock at $30 per share. Aug. 31 Issued a 2-for-1 stock split on outstanding shares, reducing the par value to $5 per share. Oct. 31 Reacquired 94,000 shares as treasury stock at a cost of $33 per share. Nov. 30 Reissued 46,000 treasury shares at a price of $36 per share. Required: 1. Determine the weighted average number of shares outstanding for computing the current earnings per share. Round your interim computations and final answer for the number of shares to nearest whole number. fill in the blank 1 shares2. Determine the number of common shares outstanding at December 31, 2019. fill in the blank 2 shares
Wildhorse Corporation was organized on January 1, 2025. It is authorized to issue 9,200 shares of 8%, $100 par value preferred stock, and 538,600 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Apr. May Aug. 1 1 1 Sept. 1 Nov. 1 Issued 80,120 shares of common stock for cash at $6 per share. Issued 5,470 shares of preferred stock for cash at $112 per share. Issued 24,910 shares of common stock for land. The asking price of the land was $90,180; the fair value of the land was $80,120. Issued 80,120 shares of common stock for cash at $9 per share. Issued 9,200 shares of common stock to attorneys in payment of their bill of $51,900 for services rendered in helping the company organize. Issued 9,200 shares of common stock for cash at $11 per share. Issued 1,090 shares of preferred stock for cash at $113 per share. Prepare the journal entries to cord the above transactions. (List all…
Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2021, 100 shares of preferred stock and 2,600 shares of common stock have been issued. The following transactions affect stockholders’ equity during 2021: March 1 Issue 2,600 additional shares of common stock for $14 per share. April 1 Issue 200 additional shares of preferred stock for $36 per share. June 1 Declare a cash dividend on both common and preferred stock of $0.45 per share to all stockholders of record on June 15. June 30 Pay the cash dividends declared on June 1. August 1 Purchase 200 shares of common treasury stock for $11 per share. October 1 Reissue 100 shares of treasury stock purchased on August 1 for $13 per share. Nautical has the following beginning balances in its stockholders’ equity accounts on January 1, 2021: Preferred Stock, $1,000; Common Stock, $2,600; Additional Paid-in Capital, $19,100; and…
Submit Assume that, on January 1, 2021, Everest Corporation paid $1,656,000 for its investment in 82,800 shares of Beam Company Further, assume that Beam has 230,000 total shares of stock issued. The book value and fair value of Beam's identifiable net assets were both $460,000 at January 1, 2021. The following information pertains to Beam during 2021: Net income Dividends declared and paid Market price of common stock on 12/31/2021 $230,000 $ 69,000 22/share 17 What amount would Everest report in its year-end 2021 balance sheet for its investment in Beam? Multiple Choice $1,955,000. $1,817,000. $1,713,960. None of these answer choices are correct. raw MacBook Air
Pharoah Corporation issued 117,000 shares of $19 par value, cumulative, 7% preferred stock on January 1, 2021, for $2,530,000. In December 2023, Pharoah declared its first dividend of $840,000. Prepare Pharoah’s journal entry to record the issuance of the preferred stock.
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Lee Company has the following capital structure. Common stock, $1 par, 100,000 shares issued and outstanding On October 1, 2020, the company declared a 5% common stock dividend when the market price of the common stock was $15 per share. The stock dividend will be distributed on October 15, 2020, to stockholders on record on October 10, 2020. Upon declaration of the stock dividend, Lee Company would record Select one: a. A debit to Retained Earnings for $5,000. b. A credit to Dividends Payable for $70,000. c. A credit to Paid-in Capital in Excess of Par—Common Stock for $70,000. d. A credit to Retained Earnings for $75,000.
Windsor Corporation was organized on January 1, 2020. It is authorized to issue 9,700 shares of 8%, $100 par value preferred stock, and 540,200 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. Issued 80,290 shares of common stock for cash at $6 per share. 10 Mar. Issued 5,190 shares of preferred stock for cash at $111 per share. 1 Issued 24,970 shares of common stock for land. The asking price of the land was $91,64O; the fair value of the land was $80,290. Apr. 1 May Issued 80,290 shares of common stock for cash at $9 per share. 1 Aug. Issued 9,700 shares of common stock to attorneys in payment of their bill of $49,100 for services rendered in helping the 1 company organize. Sept. Issued 9,700 shares of common stock for cash at $11 per share. 1 Nov. Issued 1,060 shares of preferred stock for cash at $107 per share. 1
Assume that, on January 1, 2021, Matsui Co. paid $1,795,200 for its investment in 74,800 shares of Yankee Inc. Further, assume that Yankee has 220,000 total shares of stock issued. The book value and fair value of Yankee's identifiable net assets were both $440,000 at January 1, 2021. The following information pertains to Yankee during 2021: Net income Dividends declared and paid Market price of common stock on 12/31/2021 Multiple Choice $2,081,200. What amount would Matsui report in its year-end 2021 balance sheet for its investment in Yankee? $1,949,200. $220,000 66,000 $1,847,560. $ $ 26/share
On April 1, 2019, Kelly Corporation began operations and authorized 100,000 shares of $5 par value common stock. The company engaged in the following transactions:April 1 Issued 20,000 shares of common stock for $200,000.April 15 Issued 10,000 shares of common stock for $125,000.May 12 Purchased 2,500 shares of common stock for $75,000.June 30 The board of directors declared a $0.20 per share cash dividend to be paid on July 15 to shareholders of record on July 51. Prepare journal entries for the above transactions.2. Prepared the stockholders’ equity section of Kelly Corporation’s balance sheet as of June 30, 2019. Net income for the period April 1 through June 30 was $150,000.3. What effect, if any, will the cash dividend declaration on June 30 have on Kelly Corporation’s net income, retained earnings, and cash flows?
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Sunland Corporation issued 104,000 shares of $19 par value, cumulative, 9% preferred stock on January 1, 2021, for $2,590,000. In December 2023, Sunland declared its first dividend of $770,000. If the preferred stock is cumulative, how much of the $770,000 would be paid to common stockholders?

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