1 Exercise 14-1 On January 1, Guillen Corporation had 92,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following occurred Apr. Issued 23,500 additional shares of common stock for $17 per share, June 15 Declared a cash dividend of $2 per share to stockholders of record on June 30. July 10 Paid the $2 cash dividend. Dec. 1 Issued 1,000 additional shares of common stock for $18 per share. 15 Declared a cash dividend on outstanding shares of $4.80 per share to stockholders of record on December 31. Prepare the entries to record these transactions. (If no entry is required, select "No entry for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit IL VON 4 BACK NEXT Exercise 14-2 (Part Level Submission) Knudsen Corporation was organized on January 1, 2016. During its first year, the corporation issued 2,050 shares of $50 par value preferred stock and 107,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2016, $5,675; 2017, $13,500; and 2018, $28,000. (a) Show the allocation of dividends to each dass of stock, assuming the preferred stock dividend is 7% and noncumulative. 2018 2016 2017 Allocation to preferred stock $ Allocation to common stock $ Click if you would like to show Work for this question: Open Show Work LINK TO TEXT VIDEO SIMILAR EXERCISE Attempts: 0 of 5 used SAVE FOR LATER SUBMIT ANSWER > (6) The parts of this question must be completed in order. This part whe available when you complete the part above, The parts of this question must be completed in order. This part ww.beavable when you complete the part above. Exercise 14-6 During 2017, Roblez Corporation had the following transactions and events. 1. Dedared a cash dividend. 2. Issued par value common stock for cash at par value. 3. Completed a 2-for-1 stock split in which $10 par value stock was changed to $5 par value stock. 4. Declared a small stock dividend when the market price was higher than par value. 5. Made a prior period adjustment for overstatement of net income. 6. Issued the shares of common stock required by the stock dividend declaration in item no. 4 above. 7. Paid the cash dividend in item no. 1 above. 8. Issued par value common stock for cash above par value. Indicate the effect(s) of each of the foregoing items on the subdivisions of stockholders' equity. Paid-in Capital Item Capital Stock Additional Retained Earnings 1. No Effect No Effect Decrease 2. V V 3. 4. 6. Exercise 14-11 The following accounts appear in the ledger of Horner Inc. after the books are closed at December 31. Common Stock, no par, $1 stated value, 376,000 shares authorized: 284,000 shares issued $ 294,000 Common Stock Dividends Distributable 25,500 Paid-in Capital in Excess of Stated Value Common Stock 130,000 Preferred Stock, $par value, 8%, 38,500 shares authorized; 29,500 share ksued 147,500 Retained Earnings 750,000 Treasury Stock (11,000 common shares) 82,500 Paid in Capital in Excess of Par-Preferred Stock 350,000 Prepare the stockholders' equity section at December 31, assuming retained earnings is restricted for plant expansion in the amount of $110,000. (Enter account name only and do not provide descriptive information.) HORNER INC. Balance Sheet (Partial)
