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1. Kitchen Co. was formed on January 1st and was authorized 72,000 of 2% preferred stock, par $48 and 120,000 shares of common stock, par
1. Kitchen Co. was formed on January 1st and was authorized 72,000 of 2% preferred stock, par $48 and 120,000 shares of common stock, par $12. Journalize the following transaction: 1-Jan Issued 7,600 shares of common stock in exchange for a building valued at $120,000. 30-Jan Issued 8,600 shares of preferred stock for cash at $52 per share. 8-Feb Issued 5,000 shares of common stock to pay for delivery vans valued at $60,000. 5-Mar Issued 5,500 shares of preferred stock in exchange for kitchen equipment valued at $300,000. 13-Apr Issued 20,000 shares of common stock for cash at $14 per share. 2. Prepare a retained earnings statement for Hodson Inc. for the year ending Dec 31th, 2020 with the following data: Retained Earnings, Jan 1, 2019 $2,000,000 Cash Dividends Declared $ 42,400 Stock Dividends Declared $ 133,600 Net Income $ 560,000 3. Create a statement of stockholders' equity for Womack and Sons Inc. based on the following T-Charts as of Dec 31, 2019: Common Stock 1-Jan 4-Jun 31-Dec Balance Issued Balance $200,000 $104,000 $304,000 Paid-In Capital In Excess of Par 1-Jan Balance $75,000 4-Jun Issued $31,600 31-Dec Balance $106,600 Treasury Stock 1-Jan Balance $60,000 4-Mar Purchased $40,000 31-Dec Balance $100,000 1-Mar 1-Jun 1-Sep 1-Dec Retained Earnings Dividend $25,000 1-Jan Dividend $25,000 31-Dec Dividend $25,000 31-Dec Dividend $25,000 Balance $600,000 Closing $400,000 Balance $900,000 4. Podium Co. Issued for cash 60,000 shares of no-par common stock, on Jan 5, for $12 per share. On April 3, Podium Co. issued 33,600 shares of no-par common stock for $10 per share. A. Journalize the entries for January 5 & April 3
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