The general ledger of Pukalani Corporation, a publicly traded company, contained the following shareholders' equity accounts in 2018: January 1 December 31 Preferred shares (10,700 and 19,200 shares issued, respectively) $535,000 Common shares (332,000 and 379,000 shares issued, respectively) 2,656,000 Stock dividends distributable Retained earnings 0 2,932,000 $960,000 3,596,000 416,900 3,293,100 A review of the accounting records for the year ended December 31, 2018, reveals the following information: 1. On January 1, 8,500 additional $5 noncumulative preferred shares were issued for $50 each. An unlimited number are authorized. 2. On October 1, 47,000 common shares were sold for cash at $20 per share. An unlimited number are authorized. 3. The annual preferred shareholders' cash dividend was declared and paid during the year. 4. On December 31, a 5% stock dividend was declared on common shares when the share price was $22. The stock dividend is distributable on January 20. 5. Net income for the year was $874,000. 6. On December 31, the board of directors authorized a $528,000 restriction on retained earnings for a plant expansion.

The general ledger of Pukalani Corporation, a publicly traded company, contained the following shareholders' equity accounts in 2018: January 1 December 31 Preferred shares (10,700 and 19,200 shares issued, respectively) $535,000 Common shares (332,000 and 379,000 shares issued, respectively) 2,656,000 Stock dividends distributable Retained earnings 0 2,932,000 $960,000 3,596,000 416,900 3,293,100 A review of the accounting records for the year ended December 31, 2018, reveals the following information: 1. On January 1, 8,500 additional $5 noncumulative preferred shares were issued for $50 each. An unlimited number are authorized. 2. On October 1, 47,000 common shares were sold for cash at $20 per share. An unlimited number are authorized. 3. The annual preferred shareholders' cash dividend was declared and paid during the year. 4. On December 31, a 5% stock dividend was declared on common shares when the share price was $22. The stock dividend is distributable on January 20. 5. Net income for the year was $874,000. 6. On December 31, the board of directors authorized a $528,000 restriction on retained earnings for a plant expansion.

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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