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Whispering Company reported the following amounts in the stockholders' equity section of its December 31, 2024, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 2,100 shares issued) Common stock, $5 par (92,500 shares authorized, 18,500 shares issued) Additional paid-in capital Retained earnings Total $210,000 92,500 132,000 434,000 $868,500

Whispering Company reported the following amounts in the stockholders' equity section of its December 31, 2024, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 2,100 shares issued) Common stock, $5 par (92,500 shares authorized, 18,500 shares issued) Additional paid-in capital Retained earnings Total $210,000 92,500 132,000 434,000 $868,500

FINANCIAL ACCOUNTING
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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Whispering Company reported the following amounts in the stockholders' equity section of its December 31, 2024, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 2,100 shares issued) Common stock, $5 par (92,500 shares authorized, 18,500 shares issued) Additional paid-in capital Retained earnings Total 1. 2. 3. 4. During 2025, Whispering took part in the following transactions concerning stockholders' equity. 5. 6. $210,000 7. 92,500 132,000 434,000 $868,500 Paid the annual 2024 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2024. Purchased 1,800 shares of its own outstanding common stock for $40 per share. Whispering uses the cost method. Reissued 600 treasury shares for land valued at $30,200. Issued 530 shares of preferred stock at $106 per share. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $47 per share. Issued the stock dividend. Declared the annual 2025 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2026.
Transcribed Image Text:Whispering Company reported the following amounts in the stockholders' equity section of its December 31, 2024, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 2,100 shares issued) Common stock, $5 par (92,500 shares authorized, 18,500 shares issued) Additional paid-in capital Retained earnings Total 1. 2. 3. 4. During 2025, Whispering took part in the following transactions concerning stockholders' equity. 5. 6. $210,000 7. 92,500 132,000 434,000 $868,500 Paid the annual 2024 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2024. Purchased 1,800 shares of its own outstanding common stock for $40 per share. Whispering uses the cost method. Reissued 600 treasury shares for land valued at $30,200. Issued 530 shares of preferred stock at $106 per share. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $47 per share. Issued the stock dividend. Declared the annual 2025 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2026.
Prepare the December 31, 2025, stockholders' equity section. Assume 2025 net income was $321,000. (Enter account name only.Do not provide any descriptive inform Capital Stock Preferred Stock Common Stock Total Capital Stock Additional Paid-in Capital Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Less Treasury Stock Total Stockholders' Equity ✓ WHISPERING COMPANY Stockholders' Equity For the Year Ended December 31, 2025 $ V 263000 $ $
Transcribed Image Text:Prepare the December 31, 2025, stockholders' equity section. Assume 2025 net income was $321,000. (Enter account name only.Do not provide any descriptive inform Capital Stock Preferred Stock Common Stock Total Capital Stock Additional Paid-in Capital Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Less Treasury Stock Total Stockholders' Equity ✓ WHISPERING COMPANY Stockholders' Equity For the Year Ended December 31, 2025 $ V 263000 $ $
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