DO NOT GIVE SOLUTION IN IMAGE FORMATE DateJan.08 CashMar.12 CashCommon StockPaid-in-Capital in Excess of Par ValueIssued shares of common stock.Jun.30 Stock DividendsTreasury StockPaid-in-Capital from Treasury StockSold shares of treasury stock.Stock Dividend DistributablePaid-in-Capital in Excess of Par ValueDeclared stock dividend.Jul.10 Stock Dividend DistributableDec. 18 Cash DividendsDescriptionOct.07 Treasury StockCashPurchased shares of common stock for treasury.General JournalDividends PayableDeclared cash dividend.Common StockIssued shares of common stock declared as dividend.Balance, January 1Common shares issuedTreasury shares soldStock Dividends IssuedTreasury shares acquiredCash Dividends DeclaredNet IncomeBalance, December 31$$$$◆◆♦◆$◆Note: Use negative signs with your answers when appropriate (reduction to retained earnings, acquired treasury stock and treasury stock balances).LIGHT CORPORATIONStatement of Stockholders' EquityFor Year Ended December 31Paid-in-CapitalCommon Paid-in-Capital fromStock in Excess of Par Treasury Stock$$◆◆❤RetainedEarnings$$Debit690000 $$TreasuryStock$$CreditTotal300000390000 Stockholders' Equity: Transactions and StatementThe stockholders' equity section of Light Corporation's balance sheet at January 1 follows:Common stock, $10 par value, 200,000 shares authorized, 35,000 shares$350,000issued, 4,000 shares are in the treasuryAdditional paid-in capitalIn excess of par valueFrom treasury stockRetained earningsLess: Treasury stock (4,000 shares) at costTotal Stockholders' Equity$315,00018,000 333,000298,000981,00084,000$897,000The following transactions affecting stockholders' equity occurred during the year:Jan. 8 Issued 30,000 shares of previously unissued common stock for $23 cash per share.Mar. 12 Sold all of the treasury shares for $29 cash per share.June 30 Declared a six percent stock dividend on all outstanding shares of common stock. The market value of the stock was $35 per share.July 10 Issued the stock dividend declared on June 30.Oct.7 Acquired 2,000 shares of common stock as treasury stock at $28 cash per share.Dec. 18 Declared a cash dividend of $1.20 per outstanding common share, payable on January 9 to stockholders of record on December 31.

Statement of stockholders' equity represents the stockholders equity, preference shares, retained…

The stockholders' equity section of Light Corporation's balance sheet at January 1 follows: Common stock, $10 par value, 200,000 shares authorized, 35,000 shares $350,000 issued, 4,000 shares are in the treasury Additional paid-in capital In excess of par value $315,000

The stockholders' equity section of Light Corporation's balance sheet at January 1 follows: Common stock, $10 par value, 200,000 shares authorized, 35,000 shares $350,000 issued, 4,000 shares are in the treasury Additional paid-in capital In excess of par value $315,000

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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