Tamarisk Company reported the following amounts in the stockholders' equity section of its December 31, 2024, balance sheet: Preferred stock, 11%, $100 par (100,000 shares authorized, 23,000 shares issued) Common stock, $1 par (1,000,000 shares authorized, 302,000 shares issued) Additional paid-in capital-common Retained earnings Total During 2025, Tamarisk took part in the following transactions concerning stockholders' equity: Paid the annual 2024 dividend on preferred stock and a $0.50 per share dividend on common stock. These dividends had been declared on December 31, 2024. Purchased 1,100 shares of its own outstanding common stock for $9 per share. Tamarisk uses the cost method. Reissued 1,100 treasury shares for land with an appraised value of $9,300. Tamarisk's common shares were trading for $9.50 per share. 1 2 3. 4. 5. $2,300,000 302,000 895,000 1,245,000 $4,742,000 6. Issued 48,000 shares of common stock at $10 per share. Declared and recorded a 2:1 stock split on the outstanding common stock when the stock is selling for $11 per share. Declared the annual 2025 dividend on preferred stock and the $0.50 per share dividend on common stock. These dividends are payable in 2026.
Tamarisk Company reported the following amounts in the stockholders' equity section of its December 31, 2024, balance sheet: Preferred stock, 11%, $100 par (100,000 shares authorized, 23,000 shares issued) Common stock, $1 par (1,000,000 shares authorized, 302,000 shares issued) Additional paid-in capital-common Retained earnings Total During 2025, Tamarisk took part in the following transactions concerning stockholders' equity: Paid the annual 2024 dividend on preferred stock and a $0.50 per share dividend on common stock. These dividends had been declared on December 31, 2024. Purchased 1,100 shares of its own outstanding common stock for $9 per share. Tamarisk uses the cost method. Reissued 1,100 treasury shares for land with an appraised value of $9,300. Tamarisk's common shares were trading for $9.50 per share. 1 2 3. 4. 5. $2,300,000 302,000 895,000 1,245,000 $4,742,000 6. Issued 48,000 shares of common stock at $10 per share. Declared and recorded a 2:1 stock split on the outstanding common stock when the stock is selling for $11 per share. Declared the annual 2025 dividend on preferred stock and the $0.50 per share dividend on common stock. These dividends are payable in 2026.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Do not give image format
Please help with #3 and #6.
Transcribed Image Text:Tamarisk Company reported the following amounts in the stockholders' equity section of its December 31, 2024, balance sheet:
Preferred stock, 11%, $100 par (100,000 shares authorized, 23,000 shares issued)
Common stock, $1 par (1,000,000 shares authorized, 302,000 shares issued)
Additional paid-in capital-common
Retained earnings
Total
1.
2
During 2025, Tamarisk took part in the following transactions concerning stockholders' equity:
3.
4.
5.
$2,300,000
6.
302,000
895,000
1,245,000
$4,742,000
Paid the annual 2024 dividend on preferred stock and a $0.50 per share dividend on common stock. These dividends had
been declared on December 31, 2024.
Purchased 1,100 shares of its own outstanding common stock for $9 per share. Tamarisk uses the cost method.
Reissued 1,100 treasury shares for land with an appraised value of $9,300. Tamarisk's common shares were trading for $9.50
per share.
Issued 48,000 shares of common stock at $10 per share.
Declared and recorded a 2:1 stock split on the outstanding common stock when the stock is selling for $11 per share.
Declared the annual 2025 dividend on preferred stock and the $0.50 per share dividend on common stock. These dividends
are payable in 2026.
Transcribed Image Text:No. Account Titles and Explanation
Dividends Payable-Preferred
1.
2.
3.
4.
5.
6.
Dividends Payable-Common
Cash
Treasury Stock
Cash
Land
Treasury Stock
Pald-In Capital from Treasury Stock
Cash
Common Stock
Pald-In Capital In Excess of Par - Common Stock
No Entry
No Entry
Retained Earnings
Dividends Payable - Preferred
Dividends Payable-Common
Debit
253000
151000
9900
10450
480000
0
555000
Credit
404000
9900
9300
1150
48000
432000
253000
302000
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