Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can you please check journal entry number seven and please help with selection (b) stockholder equity. Anne Cleves Company reported the following amounts in the

can you please check journal entry number seven and please help with selection (b) stockholder equity.

image text in transcribed

Anne Cleves Company reported the following amounts in the stockholders' equity section of its December 31, 2013, balance sheet. During 2014, Cleves took part in the following transactions concerning stockholders' equity. Paid the annual 2013 $9 per share dividend on preferred stock and a S3 per share dividend on common stock. These dividends had been declared on December 31, 2013. Purchased 1,600 shares of its own outstanding common stock for S39 per share. Cleves uses the cost method. Reissued 670 treasury shares for land valued at 530,100. Issued 520 shares of preferred stock at S107 per share. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $44 per share. Issued the stock dividend. Declared the annual 2014 $9 per share dividend on preferred stock and the S3 per share dividend on common stock. These dividends are payable in 2015. Prepare journal entries to record the trans anions described above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Prepare the December 31,2014, stockholders' equity section, Assume 2014 net income was $346,900. (Enter account name only .Do not provide any descriptive information.)

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_2

Step: 3

blur-text-image_3

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

The Craft Of Auditing For Accounting Undergraduates

Authors: Eldar Maksymov

1st Edition

1516589890, 9781516589890

More Books

Students also viewed these Accounting questions

Question

how much should a corporation borrow?

Answered: 1 week ago