During its first year of operations. Sarasota Corp. had these transactions pertaining to its common stock. Jan July 10 1 Issued 26.400 shares for cash at $6 per share. Issued 57.000 shares for cash at $7 per share. (a) Prepare a tabular summary to record the transactions, assuming that the common stock has a par value of $6 per share. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Paid-in-Capital PIC in Ex Cash Common Stock Jan. 10 $ July 1 During its first year of operations, Sarasota Corp, had these transactions pertaining to its common stock Jan. 10 Issued 26,400 shares for cash at $6 per share. July 1 Issued 57.000 shares for cash at $7 per share. (a) Paid in capital in excess of preferred stock Dividends Prepare a tabular summary to record the transactions, assuming that the common stock has a pary margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particula that was reduced) Interest expense Preferred stock Stockholders' Equity Common stock Retained Earnings Dividend Revenue Expense Paid-in-capital in excess of common stock e Textbook and Media Attempts: O of 3 used Submit Answer Save for Later On January 1, Sheffield Corp. had 62,500 shares of no-par common stock issued and outstanding. The stock has a stated value of 54 per share. During the year, the following transactions occurred. Apr. . 1 Issued 16.200 additional shares of common stock for $12 per share. June 15 Declared a cash dividend of $1.70 per share to stockholders of record on June 30, July 10 Paid the $1.70 cash dividend. Dec 1 Issued 7,200 additional shares of common stock for $13 per share. Dec 15 Declared a cash dividend on outstanding shares of $2.20 per share to stockholders of record on December 31 (a) Prepare a tabular summary to record the three dates that involved dividends. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Round answers to decimal places, e.g. 5,276.) Assets Liabilities Pald-in-Capital Cash Dividend Payable Reve $ June 15 $ July 10 Dec 15 1 1 On January 1, Sheffield Corp. had 62,500 shares of no-par common stock issued and outstanding. The stock has a stated value of 54 per share. During the year, the following transactions occurred. Apr. Issued 16,200 additional shares of common stock for $12 per share. June 15 Declared a cash dividend of $170 per share to stockholders of record on June 30. July Paid the $1.70 cash dividend. Dec Issued 7.200 additional shares of common stock for $13 per share. Declared a cash dividend on outstanding shares of $2.20 per share to stockholders of record on December 31. 10 1 15 Dec (a) Interest expense Prepare a tabular summary to record the three dates that involved dividends. Include margin ex revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity Dividends in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Round 5,276) Pald-in-capital in excess of preferred stoc Preferred stock Stockholders' Equity Retained Earnings Expense Dividend Paid-in-capital in excess of common stock Revenue Common stock
