1)On May 27, Kick Off Inc. reacquired 5,600 shares of itscommon stockat $46 per share. On August 3, Kick Off sold 2,800 of the reacquired shares at $49 per share. November 14, Kick Off sold the remaining shares at $45 per share.

Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank.

May 27

Aug. 3

Nov. 14

2)Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 ofExhibit 8. 100,000 shares ofcommon stockauthorized, and 1,000 shares have been reacquired.

Common Stock, $50 par$3,000,000Paid-In Capital from Sale of Treasury Stock120,000Paid-In Capital in Excess of ParCommon Stock1,200,000Retained Earnings1,740,000Treasury Stock82,000

Stockholders' EquityPaid-In Capital:

$

$

Total Paid-in Capital$

Total$

Total Stockholders' Equity

3)Financial statement data for the years ended December 31 for Dovetail Corporation follow:

20Y320Y2Net income$1,095,000$898,250Preferred dividends$167,000$167,000Average number of common shares outstanding80,000shares65,000shares

a.Determine the earnings per share for 20Y3 and 20Y2. Round your answers to two decimal places.

20Y3$per share20Y2$per share

b.Does the change in the earnings per share from 20Y2 to 20Y3 indicate a favorable or an unfavorable trend?

4)Honey Mill Cameras Inc. reported the following results for the year ending October 31, 20Y9:

Retained earnings, November 1, 20Y8$782,000Net income289,300Cash dividends declared27,000Stock dividends declared69,000

retained earnings statement for the fiscal year ended October 31, 20Y9.

Honey Mill Cameras Inc.Retained Earnings StatementFor the Year Ended October 31, 20Y9

$

$

$