Weiss Company is incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its stockholders’ equity during its first year of operations.

Required 1. Exiilain the Iransaction(s) underlying each journal entry («) through (t/).
2. I low many shares of common stock are outstanding at year-end?
3. Wluil is tlie amount of minimum legal capital (based on par value) at year-end?

4. What is the total paid-in capital at year-end?
5. What is the book value per share of the common stock at year-end if total paid-in capital plus retained earnings equals $283,000?

Balthus Corp. reports the following components of stockholders’ equity on December 31, 2013:

It completed the following transactions related to stockholders’ equity in year 2014:
Jan. 10 Purchased 40,000 shares of its own stock at $12 cash per share.
Mar. 2 Directors declared a $ 1.50 per share cash dividend payable on March 31 to the March 15 stock¬ holders of record.
Mar. 31 Paid the dividend declared on March 2.
Nov. 11 Sold 24,000 of its treasury shares at $13 cash per share.
Nov. 25 Sold 16,000 of its treasury shares at $9.50 cash per share.
Dec. 1 Directors declared a $2.50 per share cash dividend payable on January 2 to the December 10 stockholders of record.
Dec. 31 Closed the $1,072,000 credit balance (from net income) in the Income Summary account to Retained Earnings.
Required 1. Prepare journal entries to record each of these transactions for 2014.
2. Prepare a statement of retained earnings for the year ended December 31, 2014.
3. Prepare the stockholders’ equity section of the company’s balance sheet as of December 31, 2014

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a. Cash 120,000 Common Stock, $1 Par Value 3,000 Paid-In Capital in Excess of Par Value, Common Stock ... 117,000 b. Organization Expenses 40,000 Common Stock, $1 Par Value 1,000 Paid-In Capital in Excess of Par Value, Common Stock. 39,000 Cash...... 13,300 Accounts Receivable 8,000 Building 37,000 Notes Payable 18,300 Common Stock, $1 Par Value 800 Paid-In Capital in Excess of Par Value, Common Stock.. 39,200 d. Cash 60,000 Common Stock, $1 Par Value 1,200 Paid-In Capital in Excess of Par Value, Common Stock. 58,800