Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

before tuesday night!!!! if possible The following shareholders' equity accounts are reported by Wildhorse Inc. on January 1: Common shares (unlimited authorized, 166,500 issued) $

before tuesday night!!!! if possible
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The following shareholders' equity accounts are reported by Wildhorse Inc. on January 1: Common shares (unlimited authorized, 166,500 issued) $ 2,664,000 457,500 Preferred shares ($4 cumulative, convertible, 100,000 authorized 6,100 issued) Contributed surplus-reacquisition of common shares 32.200 Retained earnings 1,271,000 The following selected transactions occurred during the year: Feb. 11 Mar. 2 June 14 July 25 Issued 55,500 common shares at $ 20 per share. Reacquired 20,600 common shares at $ 22 per share. Split the common shares 2 for 1 when the common shares were trading at $ 30 per share. Reacquired 490 preferred shares at $ 70 per share. Reacquired 55,500 common shares for $17 per share. Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $ 19 per share. Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $ 21 per share. Sept. 16 Oct. 27 Dec 13 Prepare journal entries for the transactions. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem. Round average per share to 2 decimal places, eg. 15.25 and final answers to decimal places, eg. 5,276.) Date Account Titles and Explanation Debit Credit (Issued common shares for cash.) Mar. 2 (To record reacquisition of (To record reacquisition of common shares.) (To record reacquisition of preferred shares.) Sept. 16 (To record reacquisition of common shares.) (To record reacquisition of common shares.) (To record declaration of stock dividend.) (To record distribution of stock dividend.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting, Chapters 1-13

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

25th Edition

1285069625, 9781285069623

More Books

Students also viewed these Accounting questions