At December 31, 2018, Blumenthall Corporation reported the stockholders' equity accounts shown here (with dollar amounts in millions, except per-share amounts). (Click the icon to view the data.) Blumenthall's 2019 transactions included (Click the icon to view the transactions.) Requirements 1. Journalize Blumenthall's transactions in parts b, c, d, and e. Explanations are not required. 2. What was the overall effect of these transactions (parts a-e) on Blumenthall's stockholders' equity? Requirement 1. Journalize Blumenthall's transactions in b, c, d, and e. Explanations are not required. (Enter amounts in millions as provided to you in the problem statement. Record debits first, then credits. Exclude explanations from any journal entries.) b. Issuance of 14 million shares of common stock for $12.50 per share Journal Entry Accounts Date Debit Credit Data Table x b. More Info x 24 c. Purchase of 2 million shares of treasury stock for $24 million. Common stock, $1.00 par value per share, 24 million shares issued Paid-in capital in excess of par value Retained earnings Treasury stock, at cost 84 a. Net income, $447 million b. Issuance of 14 million shares of common stock for $12.50 per share c. Purchase of 2 million shares of treasury stock for $24 million d. Sold 1 million of the treasury shares purchased in partc for $15 million e. Declaration and payment of cash dividends of $27 million 295 Journal Entry Accounts Date Debit Credit (90) C. $ 313 Total stockholders' equity Print Done Print Done d. Sold 1 million of the treasury shares purchased in part c for $15 million Journal Entry Date Accounts Debit d. Credit At December 31, 2018, Blumenthall Corporation reported the stockholders' equity accounts shown here (with dollar amounts in millions, except per-share amounts) (Click the icon to view the data.) Blumenthall's 2019 transactions included (Click the icon to view the transactions.) Requirements 1. Journalize Blumenthall's transactions in parts b, c, d, and e. Explanations are not required. 2. What was the overall effect of these transactions (parts a-e) on Blumenthall's stockholders' equity? Data Table x More Info e 1. Declaration and payment of cash dividends of $27 million. Journalize the declaration of the dividend only. You will prepare the journal entry for the payment of the dividend next. Journal Entry Date Accounts Debit Credit e 1. 24 Common stock, $1.00 par value per share, 24 million shares issued Paid-in capital in excess of par value Retained earnings Treasury stock, at cost 84 a. Net income. $447 million b. Issuance of 14 million shares of common stock for $12.50 per share c. Purchase of 2 million shares of treasury stock for $24 million d. Sold 1 million of the treasury shares purchased in part c for $15 million e. Declaration and payment of cash dividends of $27 million 295 (90) e 2. Declaration and payment of cash dividends of $27 million. $ 313 Total stockholders' equity Now journalize the payment of the cash dividends. Print Done Journal Entry Accounts Print Done Date Debit Credit e 2. Requirement 2. What was the overall effect of these transactions (parts a through e) on Blumenthall's stockholders' equity? The overall net effect on stockholders' equity is a of $
