The following is the stockholders equity section of Zion and Co. at December 31, 2018: 31-Dec-18 31-Dec-19 Common stock, $5 par value, 1,000,000 shares issued & outstanding 5,000,000 Additional paid-in-capital Common stock 3,000,000 Retained Earnings 17,500,000 $25,500,000 The following transactions occurred in 2019: 1-Feb Declared a cash dividend of $.70 per share to common shareholders of record on February 15th payable on March 1st 1-Mar Paid the dividend declared on February 1st 1-Apr Announced a 4 for 1 common stock split, the market price was $26 per share 1-Jul Declared a 15% common stock dividend, distributable July 31st, the market price was $22 per share 31-Jul Issued the shares for the stock dividend 1-Dec Declared a common stock cash dividend of .25 per share of record on December 15th 31-Dec Net income for the year was $4,450,000 A. Journalize the transactions. (I recommend you use T accounts to keep track, but you don't have to). B. Prepare the December 31, 2019 stockholders equity section above
The following is the stockholders equity section of Zion and Co. at December 31, 2018: 31-Dec-18 31-Dec-19 Common stock, $5 par value, 1,000,000 shares issued & outstanding 5,000,000 Additional paid-in-capital Common stock 3,000,000 Retained Earnings 17,500,000 $25,500,000 The following transactions occurred in 2019: 1-Feb Declared a cash dividend of $.70 per share to common shareholders of record on February 15th payable on March 1st 1-Mar Paid the dividend declared on February 1st 1-Apr Announced a 4 for 1 common stock split, the market price was $26 per share 1-Jul Declared a 15% common stock dividend, distributable July 31st, the market price was $22 per share 31-Jul Issued the shares for the stock dividend 1-Dec Declared a common stock cash dividend of .25 per share of record on December 15th 31-Dec Net income for the year was $4,450,000 A. Journalize the transactions. (I recommend you use T accounts to keep track, but you don't have to). B. Prepare the December 31, 2019 stockholders equity section above
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following is the stockholders equity section of Zion and Co. at December 31, 2018:
31-Dec-18 31-Dec-19
Common stock, $5 par value, 1,000,000 shares issued & outstanding 5,000,000
Additional paid-in-capital Common stock 3,000,000
Retained Earnings 17,500,000
$25,500,000
The following transactions occurred in 2019:
1-Feb Declared a cash dividend of $.70 per share to common shareholders of record on February 15th
payable on March 1st
1-Mar Paid the dividend declared on February 1st
1-Apr Announced a 4 for 1 common stock split, the market price was $26 per share
1-Jul Declared a 15% common stock dividend, distributable July 31st, the market price was $22 per share
31-Jul Issued the shares for the stock dividend
1-Dec Declared a common stock cash dividend of .25 per share of record on December 15th
31-Dec Net income for the year was $4,450,000
A. Journalize the transactions. (I recommend you use T accounts to keep track,
but you don't have to).
B. Prepare the December 31, 2019 stockholders equity section above
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