[The following information applies to the questions displayed below.] Brice Company completed the following transactions in Year 1, the first year of operation: 1. Issued 36,000 shares of no-par common stock for $15 per share. 2. Issued 9,800 shares of $25 par, 5 percent, preferred stock for $25 per share. 3. Paid a cash dividend of $12,250 to preferred shareholders. 4. Issued a 10 percent stock dividend on no-par common stock. The market value at the dividend declaration date was $25 per share. 5. Later that year, issued a 2-for-1 split on the shares of outstanding common stock. The market price of the stock at that time was $70 per share. 6. Produced $200,000 of cash revenues and incurred $95,000 of cash operating expenses. 7. Closed the revenue, expense, and dividend accounts to retained earnings. Provide journal entry and ledger
[The following information applies to the questions displayed below.] Brice Company completed the following transactions in Year 1, the first year of operation: 1. Issued 36,000 shares of no-par common stock for $15 per share. 2. Issued 9,800 shares of $25 par, 5 percent, preferred stock for $25 per share. 3. Paid a cash dividend of $12,250 to preferred shareholders. 4. Issued a 10 percent stock dividend on no-par common stock. The market value at the dividend declaration date was $25 per share. 5. Later that year, issued a 2-for-1 split on the shares of outstanding common stock. The market price of the stock at that time was $70 per share. 6. Produced $200,000 of cash revenues and incurred $95,000 of cash operating expenses. 7. Closed the revenue, expense, and dividend accounts to retained earnings. Provide journal entry and ledger
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer in text form please (without image), Note: .Every entry should have narration please
![[The following information applies to the questions displayed below.]
Brice Company completed the following transactions in Year 1, the first year of operation:
1. Issued 36,000 shares of no-par common stock for $15 per share.
2. Issued 9,800 shares of $25 par, 5 percent, preferred stock for $25 per share.
3. Paid a cash dividend of $12,250 to preferred shareholders.
4. Issued a 10 percent stock dividend on no-par common stock. The market value at the dividend declaration date was
$25 per share.
5. Later that year, issued a 2-for-1 split on the shares of outstanding common stock. The market price of the stock at that
time was $70 per share.
6. Produced $200,000 of cash revenues and incurred $95,000 of cash operating expenses.
7. Closed the revenue, expense, and dividend accounts to retained earnings.
Provide journal entry and ledger](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F48bc8981-eb4d-4b1e-8442-da18a7578deb%2Fddba2339-7d33-476c-ab0e-0fbd9e52aed2%2F2zt28h0s_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below.]
Brice Company completed the following transactions in Year 1, the first year of operation:
1. Issued 36,000 shares of no-par common stock for $15 per share.
2. Issued 9,800 shares of $25 par, 5 percent, preferred stock for $25 per share.
3. Paid a cash dividend of $12,250 to preferred shareholders.
4. Issued a 10 percent stock dividend on no-par common stock. The market value at the dividend declaration date was
$25 per share.
5. Later that year, issued a 2-for-1 split on the shares of outstanding common stock. The market price of the stock at that
time was $70 per share.
6. Produced $200,000 of cash revenues and incurred $95,000 of cash operating expenses.
7. Closed the revenue, expense, and dividend accounts to retained earnings.
Provide journal entry and ledger
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