1 2 3 4 5 Dingo Corporation was organized in January to operate a pet goods and grooming services business. The charter issued by the state authorized the following capital stock: Common stock, $1 par value, 200,000 shares. Preferred stock, $100 par value, 6 percent, 50,000 shares. Required: 1) Complete the journal entries for each of the following transactions that occurred during the year: a) Collected $256,000 cash and issued 16,000 shares of common stock. Cash Common Stock APIC-Common Stock $256,000 $16,000 240000 $1,000,000 $800,000 200000 b) Issued 8,000 shares of preferred stock at $125 per share; collected in cash. Cash Preferred Stock APIC-Preferred Stock c) Repurchased 1,200 shares of common stock for $20 per share. Treasury Stock Cash d) Cash dividends were declared in the amount of $60,000. Dividends Dividends Payable e) Paid the cash dividend. Dividends Payable Cash $24,000 $24,000 $60,000 $60,000 $60,000 $60,000 2) Complete the journal entries: a) n airline collected $100,000 in 2020 for sales of tickets for future flights. The airline will complete 40% of the flights related to the ticket sals in 2020. The remaining tickets will complete in 2021. Prepare the journal entry to record the sale of the tickets in 2020. Sales Revenue Deferred Revenue $100,000 $100,000 Calculate the balance in the Deferred Revenue account at the end of 2020. 60000 Use the information in #1 from the JE tab you just created to determine the values that go in the statement below. 1) Dingo had $250,000 of Net Income for the year. Using the space provided below, prepare the stockholders' equity section of the balance sheet at December 31. Hint: If a line in the table is not needed, then leave it blank. Dingo Corporation Balance Sheet (partial) At December 31 Stockholders' Equity Contributed Capital: 1 2 3 4 5 Dingo Corporation was organized in January to operate a pet goods and grooming services business. The charter issued by the state authorized the following capital stock: Common stock, $1 par value, 200,000 shares. Preferred stock, $100 par value, 6 percent, 50,000 shares. Required: 1) Complete the journal entries for each of the following transactions that occurred during the year: a) Collected $256,000 cash and issued 16,000 shares of common stock. Cash Common Stock APIC-Common Stock $256,000 $16,000 240000 $1,000,000 $800,000 200000 b) Issued 8,000 shares of preferred stock at $125 per share; collected in cash. Cash Preferred Stock APIC-Preferred Stock c) Repurchased 1,200 shares of common stock for $20 per share. Treasury Stock Cash d) Cash dividends were declared in the amount of $60,000. Dividends Dividends Payable e) Paid the cash dividend. Dividends Payable Cash $24,000 $24,000 $60,000 $60,000 $60,000 $60,000 2) Complete the journal entries: a) n airline collected $100,000 in 2020 for sales of tickets for future flights. The airline will complete 40% of the flights related to the ticket sals in 2020. The remaining tickets will complete in 2021. Prepare the journal entry to record the sale of the tickets in 2020. Sales Revenue Deferred Revenue $100,000 $100,000 Calculate the balance in the Deferred Revenue account at the end of 2020. 60000 Use the information in #1 from the JE tab you just created to determine the values that go in the statement below. 1) Dingo had $250,000 of Net Income for the year. Using the space provided below, prepare the stockholders' equity section of the balance sheet at December 31. Hint: If a line in the table is not needed, then leave it blank. Dingo Corporation Balance Sheet (partial) At December 31 Stockholders' Equity Contributed Capital: