{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T23:06:42-04:00", "answer_date": "2024-05-27 23:06:42", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1805681", "url": "\/study-help\/questions\/at-the-beginning-of-2024-taylor-corporation-had-the-following-1805681", "question_creation_date_js": "2024-05-27T23:06:42-04:00", "question_creation_date": "May 27, 2024 11:06 PM", "meta_title": "[Solved] At the beginning of 2024, Taylor Corporat | SolutionInn", "meta_description": "Answer of - At the beginning of 2024, Taylor Corporation had the following stockholders' equity balances in its general ledger: Co | SolutionInn", "meta_keywords": "beginning,2024,taylor,corporation,stockholders,equity,balances,general,ledger,common,stock,$10", "question_title_h1": " At the beginning of 2024, Taylor Corporation had the following stockholders' equity balances in its general ledger: Common Stock, $10 Par Value Paid-In Capital", "question_title": " At the beginning of 2024, Taylor Corporation had the following stockholders'", "question_title_for_js_snippet": "At the beginning of 2024, Taylor Corporation had the following stockholders' equity balances in its general ledger Common Stock, $10 Par Value Paid In Capital in Excess of Par Common Paid In Capital, Treasury Stock Paid In Capital, Stock Options Retained Earnings Treasury Stock (12,000 shares) Total Stockholders' Equity $2,500,000 500,000 3,000 45,000 3,000,000 (180,000) $5,868,000 The paid in capital from stock options relates to options granted on 1 1 20 to the CEO as incentive compensation As of 1 1 24, the remaining expected benefit period is ten years expense has been and will be recorded evenly over the benefit period The following events were among the many occurring in 2024 a January 2 Purchased 10,000 shares of its common stock for $18 per share Brown uses the cost method of accounting for treasury stock transactions b February 1 Declared and paid a cash dividend of $3 per share on the outstanding common stock (Hint Don't forget to consider Treasury Stock existing on 1 1 24 when computing outstanding shares ) c April 1 Issued 18,000 shares of $55 par, noncumulative, convertible 6 preferred stock for $60 per share, where one share of preferred stock is convertible into two shares of common stock d July 1 2,000 shares of treasury stock that had been purchased in a prior year for $14 per share were re issued for $6 per share e August 1 Holders of 4,000 shares of the preferred stock converted their shares into common stock when the market value of the common stock was $16 per share Brown uses the book value method of accounting for conversions f October 1 Declared and distributed a 1 stock dividend on common stock outstanding when the market price of the stock was $20 per share g November 1 Issued a lump sum of 2,000 shares of preferred stock and 10,000 shares of common stock for $300,000 Per share market values were $50 (preferred) and $15 (common) h December 1 Declared and distributed a property dividend of land to preferred shareholders The land had a fair value of $39,000 and a carrying value of $41,000 i December 31 Recorded 2024 compensation expense related to the stock options (See Requirements and Submission information on next page) Required All journal entries for the items (a through i ) above No explanations Ignore tax effects", "question_description": "\"image", "transcribed_text": "At the beginning of 2024, Taylor Corporation had the following stockholders' equity balances in its general ledger: Common Stock, $10 Par Value Paid-In Capital in Excess of Par: Common Paid-In Capital, Treasury Stock Paid-In Capital, Stock Options Retained Earnings Treasury Stock (12,000 shares) Total Stockholders' Equity $2,500,000 500,000 3,000 45,000 3,000,000 (180,000) $5,868,000 The paid-in capital from stock options relates to options granted on 1\/1\/20 to the CEO as incentive compensation. As of 1\/1\/24, the remaining expected benefit period is ten years; expense has been and will be recorded evenly over the benefit period. The following events were among the many occurring in 2024: a. January 2: Purchased 10,000 shares of its common stock for $18 per share. Brown uses the cost method of accounting for treasury stock transactions. b. February 1: Declared and paid a cash dividend of $3 per share on the outstanding common stock. (Hint: Don't forget to consider Treasury Stock existing on 1\/1\/24 when computing outstanding shares.) c. April 1: Issued 18,000 shares of $55 par, noncumulative, convertible 6% preferred stock for $60 per share, where one share of preferred stock is convertible into two shares of common stock. d. July 1: 2,000 shares of treasury stock that had been purchased in a prior year for $14 per share were re-issued for $6 per share. e. August 1: Holders of 4,000 shares of the preferred stock converted their shares into common stock when the market value of the common stock was $16 per share. Brown uses the book value method of accounting for conversions. f. October 1: Declared and distributed a 1% stock dividend on common stock outstanding when the market price of the stock was $20 per share. g. November 1: Issued a lump-sum of 2,000 shares of preferred stock and 10,000 shares of common stock for $300,000. Per-share market values were $50 (preferred) and $15 (common). h. December 1: Declared and distributed a property dividend of land to preferred shareholders. The land had a fair value of $39,000 and a carrying value of $41,000. i. December 31: Recorded 2024 compensation expense related to the stock options. (See Requirements and Submission information on next page) Required All journal entries for the items (a. through i.) above. No explanations. Ignore tax effects", "related_book": { "title": "Survey of Accounting", "isbn": "978-113318912, 1133189121, 978-1133189121", "edition": "6th edition", "authors": "Carl S Warren", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/275.jpg", "uri": "\/textbooks\/survey-of-accounting-6th-edition-275", "see_more_uri": "\/textbooks\/business-healthcare-management-3338" }, "free_related_book": { "isbn": "0007327234", "uri": "\/textbooks\/its-not-what-you-think-1st-edition-978-0007327232-177713", "name": "Its Not What You Think", "edition": "1st Edition" }, "question_posted": "2024-05-27 23:06:42", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/college-mathematics-for-business-\/the-table-shows-the-fees-for-refund-anticipation-loans-rals", "description": "The table shows the fees for refund anticipation loans (RALs) offered by an online tax preparation firm. 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