4 points Sipped eBook References Problem 18-12 (Algo) Various shareholders' equity topics; comprehensive; financial statement effects [LO18-1, 18-4, 18-5, 18-6, 18-7, 18-8) Part A In late 2023, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 4,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2024, 2,000,000 shares of the common stock are issued in exchange for cash at an average price of $12 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $25 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2024. (Assume net income for the first quarter 2024 was $1,050,000) Part 8 During 2024, the Nicklaus Corporation participated in three treasury stock transactions: a. On June 30, 2024, the corporation reacquires 280,000 shares for the treasury at a price of $14 per share. b. On July 31, 2024, 40,000 treasury shares are reissued at $17 per share. c. On September 30, 2024, 40,000 treasury shares are reissued at $12 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a balance sheet prepared at September 30, 2024. (Assume net income for the second and third quarter was $2,500,000) Part C On October 1, 2024, Nicklaus Corporation receives permission to replace its $1 par value common stock (4,000,000 shares authorized, 2,000,000 shares issued, and 1,800,000 shares outstanding) with a new common stock issue having a $0.50 par value. Since the new par value is one-half the amount of the old, this represents a 2-for-1 stock split. That is, the shareholders will receive two shares of the $0.50 par stock in exchange for each share of the $1 par stock they own. The $1 par stock will be collected and destroyed by the issuing corporation.) On November 1, 2024, the Nicklaus Corporation declares a $0.04 per share cash dividend on common stock and a $0.20 per share cash dividend on preferred stock. Payment is scheduled for December 1, 2024, to shareholders of record on November 15, 2024. On December 2, 2024, the Nicklaus Corporation declares a 2% stock dividend cavable on December 28, 2024. to shareholders of 6 4 points S Part C On October 1, 2024, Nicklaus Corporation receives permission to replace its $1 par value common stock (4,000,000 shares authorized, 2,000,000 shares issued, and 1,800,000 shares outstanding) with a new common stock issue having a $0.50 par value. Since the new par value is one-half the amount of the old, this represents a 2-for-1 stock split. That is, the shareholders will receive two shares of the $0.50 par stock in exchange for each share of the $1 par stock they own. The $1 par stock will be collected and destroyed by the issuing corporation) On November 1, 2024, the Nicklaus Corporation declares a $0.04 per share cash dividend on common stock and a $0.20 per share cash dividend on preferred stock. Payment is scheduled for December 1, 2024, to shareholders of record on November 15, 2024, On December 2, 2024, the Nicklaus Corporation declares a 2% stock dividend payable on December 28, 2024, to shareholders of record on December 14. At the date of declaration, the common stock was selling in the open market at $12 per share. The dividend will result in 72,000 (0.02 3,600,000) additional shares being Issued to shareholders. Required: 1. Prepare journal entries to record the declaration and payment of these stock and cash dividends 2. Prepare the December 31, 2024, shareholders' equity section of the balance sheet for the Nicklaus Corporation. (Assume net Income for the fourth quarter was $2,000,000) 3. Prepare a statement of shareholders' equity for Nicklaus Corporation for 2024 4 points Skipped eBook On December 2, 2024, the Nicklaus Corporation declares a 2% stock dividend payable on December 28, 2024, to she record on December 14. At the date of declaration, the common stock was selling in the open market at $12 per share. will result in 72,000 (0.02 x 3,600,000) additional shares being Issued to shareholders. Required: 1. Prepare Journal entries to record the declaration and payment of these stock and cash dividends. 2. Prepare the December 31, 2024, shareholders' equity section of the balance sheet for the Nicklaus Corporation. (As Income for the fourth quarter was $2,000,000.) 3. Prepare a statement of shareholders' equity for Nicklaus Corporation for 2024. Complete this question by entering your answers in the tabs below. References Required 1 Part A Required 2 Part A Required 1 Part B Required 2 Part B Required 1 Part C Required 2 Part C Required 3 Part C Prepare journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet Record the issuance of common shares. Record the issuance of preferred shares. X Debit Credit 24,000,000 4,000,000 20,000,000 40,000,000 10,000,000 30,000,000 quired 2 Part A > References Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Part A Required 1 Part B Required 2 Part B Required 1 Part C Required 2 Part C Required 3 Part C Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2024. (Assume net income fo quarter 2024 was $1,050,000.) NICKLAUS CORPORATION Balance Sheet - Shareholders' Equity Section March 31, 2024 Shareholders' equity Common stock Paid-in capital-excess of par Preferred stock Retained earnings Total shareholders' equity $ 4,000,000 66,000,000 10,000,000 1,750,000 $ 81,750,000 View transaction list View journal entry worksheet Debit Credit 5,600,000 5,600,000 Record acquisition of treasury stock. Record the reissuance of 40,000 treasury shares on July 31st. 680,000 680,000 680,000 Record the reissuance of 40,000 treasury shares on September 30th. 480,000 480,000 480,000 quired 2 Part B > Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Part A Part A Required 11 Part B Required 2 Part B Required 1 Part C Required 2 Part C Required 3. Part C Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a balance sheet prepared at Septem 30, 2024. (Assume net income for the second and third quarter was $2,500,000.) NICKLAUS CORPORATION Balance Sheet-Shareholders' Equity Section September 30, 2024 Shareholders' equity Common stock Preferred stock Paid-in capital-excess of par Retained earnings Less: Treasury stock Total shareholders' equity $ 4,000,000 5,000,000 $9,000,000 $ 9,000,000 Skipped Required 1 Part A Required 2 Part A Required 1 Part B Required 2 Part B Required 1 Part C Required 2 Part C Required 3 Part C eBook References Prepare journal entries to record the declaration and payment of these stock and cash dividends. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account fiele View transaction lite 1 Record the entry for the 2-for-1 stock split. 2 Record declaration of cash dividend for common shares and preferred shares. 3 Record the entry on date of record. 4 Record payment of cash dividend for common shares and preferred shares. s Record declaration of common stock dividend. 6 Record distribution of common stock dividend. Note: journal entry has been entered Record entry Credit Clear entry View general journal pet Required: 1. Prepare journal entries to record the declaration and payment of these stock and cash dividends 2. Prepare the December 31, 2024, shareholders' equity section of the balance sheet for the Nicklaus Corporation. (Assume net Income for the fourth quarter was $2,000,000.) 3. Prepare a statement of shareholders' equity for Nickdeus Corporation for 2024. Complete this question by entering your answers in the tabe below. References Required 1 Required 2 Part A PA Required 1 Part Required 2 Part B Required 1 Part C Required 2 Part C Required 3 Part C Prepare the December 31, 2024, shareholders' equity section of the balance sheet for the Nicklaus Corporation, (Assume net Income for the fourth quarter was $2,000,000.) NIGHAUS CORPORATION Belianes Thal-enheder Taty Section December 31, 2034 0 Tital shareholders' equity Required 1 Part C Required 3 Part C > 6 1. Prepare journal entries to record the declaration and payment of these stock and cash dividends. 2. Prepare the December 31, 2024, shareholders' equity section of the balance sheet for the Nicklaus Corporation. (Assume net Income for the fourth quarter was $2,000,000) 3. Prepare a statement of shareholders' equity for Nicklaus Corporation for 2024 Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 PA Required Required 2 Required 1 Required 2 Fart B Required 3 Part C Prepare a statement of shareholders' equity for Nicklaus Corporation for 2024. Note: Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign NICKLAUS CORPORATION For the Year Ended December 31, 2024 (i) January 2, 2004 unce of preferred sock suance of common stock Purchase of treasury stock See of treasury sock Net Income Common cash dividends Preferred cash dividends December 31, 2004 P Additonal Common Stack Caput emings Treasury BACK Darsholders Required 2 Part C 3 Part C >