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All three are a continuation of one problem (9 points) The equity section of Alyssa Edwards Dancing Queen Shoes' balance sheet as of December 31,
All three are a continuation of one problem
(9 points) The equity section of Alyssa Edwards Dancing Queen Shoes' balance sheet as of December 31, 2019 is as follows: Stockholders' Equity Common stock ($1 par value: 2,000,000 shares authorized: 500,000 shares issued & outstanding) $500,000 Paid-in captial, common stock (excess of par) $1,000,000 Retained earnings $3,000,000 Total shareholder's equity $4,500,000 The following events occurred during Jan 2020: 11-Jan 20,000 shares of authorized and unissued common stock were sold for $3 per share. 10- Repurchased 30,000 shares at $4 per share. The firm uses the retirement method for share 2 Jan repurchases. 3 13- Declared and paid a cash dividend of 15 cents per share, to stock-holders as of record as of Jan 13 (the Jan same day). 15- 4 A 10% stock dividend was declared and issued. Fair value per share is currently $4.50. Jan 17- A 4:3 split was carried out. Fair value on Jan 17 was $5 per share. Jan 5 A 30% stock dividend was declared and issued. Fair value is currently $5 per share. 18- 6 Jan 20 Jan A cash dividend of 20 cents per share was declared, payable Jan 30 to stockholders of record on Jan 25. Enter the above events into the following work sheet showing how each event affects the column. Event No. 1 will serve as an example. Enter the above events into the following work sheet showing how each event affects the column. Event No. 1 will serve as an example. Common Stock PIC - OS Retained Earnings Item No. of Shares Issued Total at Par Value Beginning Balance 500,000 $500,000 $1,000,000 $3,000,000 Event #1 20.000 20,000 40,000 -0- Balance 520,000 520,000 1,040,000 $3,000,000 Event #2 Balance Event #3 Balance Event #4 Balance Event #4 Balance Event #5 Balance Event #6 Balance Event #7 Ending BalanceStep by Step Solution
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