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Question 18 of 26 -/5 Nash Corporation has the following capital structure at the beginning of the year: 4% Preferred stock. $50 par value, 20.000 shares authorized 7,000 shares issued and outstanding Common stock. $10 par value, 60,000 shares authorized 40,000 shares issued and outstanding Paid-in capital in excess of par Total paid-in capital Retained earnings Total stockholders' equity $350,000 400,000 112,000 862,000 432.000 $1.294,000 (a) 1 Record the following transactions which occurred consecutively. (Credit account titles are automatically inderted when amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) A total cash dividend of $105,000 was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts. 2 A 15% common stock dividend was declared. The average fair value of the common stock is $22 a share. Assume that net income for the year was $148.000 trecord the closing entry) and the board of directors appropriated $66,000 of retained earnings for plant expansion 3 No. Account Titles and Explanation 1. Debit Credit Type here to search T 0 e IN DOL F1 F2 F3 F4 F5 F6 F7 F8 F9 F10 @ # A * 1 2 $ 4 3 % 5 & 6 8 S Q W E R T Y 1 Question 18 of 26 -/5 Nash Corporation has the following capital structure at the beginning of the year: 4% Preferred stock. $50 par value, 20.000 shares authorized 7,000 shares issued and outstanding Common stock. $10 par value, 60,000 shares authorized 40,000 shares issued and outstanding Paid-in capital in excess of par Total paid-in capital Retained earnings Total stockholders' equity $350,000 400,000 112,000 862,000 432.000 $1.294,000 (a) 1 Record the following transactions which occurred consecutively. (Credit account titles are automatically inderted when amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) A total cash dividend of $105,000 was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts. 2 A 15% common stock dividend was declared. The average fair value of the common stock is $22 a share. Assume that net income for the year was $148.000 trecord the closing entry) and the board of directors appropriated $66,000 of retained earnings for plant expansion 3 No. Account Titles and Explanation 1. Debit Credit Type here to search T 0 e IN DOL F1 F2 F3 F4 F5 F6 F7 F8 F9 F10 @ # A * 1 2 $ 4 3 % 5 & 6 8 S Q W E R T Y 1