Entries for Issuing Stock On January 22, Shamrock Corporation issued for cash 24,000 shares of no-par common stock at $20. On February 14, Shamrock issued at par value 6,000 shares of preferred 6% stock, $75 par for cash. On August 30, Shamrock issued for cash 29,000 shares of preferred 6% stock, $75 par at $85. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Jan. 22 Cash V Common Stock Feb. 14 Cash V Preferred Stock 000 00 00 000 00 00 Aug. 30 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock Feedback Check My Work Recall that a separate account is used for recording the amount of each class of stock issued to investors in a corporation. Recall the definition of legal capital and what affect that has on recording the sale of stock. Dividends Per Share Windborn Company has 10,000 shares of cumulative preferred 1% stock, $100 par and 50,000 shares of $5 par common stock. The following amounts were distributed as dividends: 20Y1 $15,000 20Y2 8,000 20Y3 30,000 Determine the dividends per share for preferred and common stock for each year. Round all answers to two decimal places. If an answer is zero, enter '0'. Preferred Stock Common Stock ( dividends per share) (dividends per share) 20Y1 20Y2 20Y3Reporting Stockholders' Equity Using the following accounts and balances, prepare the "Stockholders' Equity" section of the balance sheet. 40,000 shares of common stock authorized, and 2,000 shares have been reacquired. Common Stock, $50 par $1,200,000 Paid-In Capital from Sale of Treasury Stock 24,000 Paid-In Capital in Excess of Par-Common Stock 384,000 Retained Earnings 696,000 Treasury Stock 13,000 Balance Sheet Stockholders' Equity Paid-in capital: Common Stock, $50 Par (40,000 Shares Authorized, 24,000 Shares Issued) - Excess of Issue Price Over Par Paid-in capital, common stock From Sale of Treasury Stock Total paid-in capital Retained Earnings 10000000 Tota Treasury Stock Total stockholders' equity Feedback Check My Work Recall that paid-in capital reflects the total amount that has been paid into the business by the stockholders for ownership in the corporation. Entries for Treasury Stock On May 27, Let Loose Inc. reacquired 78,000 shares of its common stock at $10 per share. On August 3, Let Loose sold 52,000 of the reacquired shares at $13 per share. On November 14, Let Loose sold the remaining shares at $8 per share. Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank. May 27 Treasury Stock Cash - V Aug. 3 Cash - v Treasury Stock 100 000 00 000 000 00 Paid-In Capital from Sale of Treasury Stock Nov. 14 Cash - V Paid-In Capital from Sale of Treasury Stock Treasury Stock 9 V Feedback Check My Work Recall that when a company reacquires shares of its own common stock, it is known as treasury stock. Pay attention to how much the company paid to reacquire the shares versus how much the shares are being resold for by the corporation.Entries for Stock Dividends Paris Corporation has 14,000 shares of $60 par common stock outstanding. On August 2, Paris Corporation declared a 4% stock dividend to be issued October 8 to stockholders of record on September 15. The market price of the stock was $92 per share on August 2. Journalize the entries required on August 2, September 15, and October 8. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. Aug. 2 Stock Dividends Stock Dividends Distributable Paid-In Capital in Excess of Par-Common Stock Sept. 15 No Entry Required 00 00 000 00 00 0OO No Entry Required Oct. 8 Stock Dividends Distributable Common Stock Feedback Check My Work Are the dividends being paid on the same date that they are declared? Who would receive the dividends? What will the stockholders receive from the corporation? Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $73,000 on a corporation's common stock are October 1, November 7, and December 15. Journalize the entries required on each date. If no entry is required, choose "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Oct. 1 Cash Dividends V Cash Dividends Payable 00 00 Nov. 7 No Entry Required - V 00 00 00 No Entry Required Dec. 15 Cash Dividends Payable V Cash - V Feedback Check My Work Are the dividends being paid on the same date that they are declared? Who would receive the dividends? What will the stockholders receive from the corporation?Earnings per share Financial statement data for the years 20Y5 and 20Y6 for Black Bull Inc. follow: 20Y5 20Y6 Net income $1,341,000 $2,509,500 Preferred dividends $60,000 $60,000 Average number of common shares outstanding 70,000 shares 115,000 shares a. Determine the earnings per share for 2015 and 2016. Round to two decimal places. 20Y5 20Y6 Earnings per Share b. Is the change in the earnings per share from 20Y5 to 20Y6 favorable or unfavorable? Favorable V Feedback Check My Work Net Income - Preferred Dividends Earnings per Share = - Average Number of Common Shares Outstanding Statement of stockholders' equity Noric Cruises Inc. began the month of October with the following balances: Common Stock, $170,000; Additional Paid-In Capital, $3,275,000; and Retained Earnings, $12,200,000. During June, Noric issued for cash 50,000 shares of common stock (with a stated value of $1) at $18 per share. Noric reported the following results for the month ended October 31: Net income $2,450,000 Cash dividends declared 470,000 Prepare a statement of stockholders' equity for the month ended October 31. If there is a net loss or there has been a decrease in stockholders' equity, enter that amount as a negative number using a minus sign. If an amount box does not require an entry, leave it blank. Noric Cruises Inc. Statement of Stockholders' Equity For the Month Ended October 31 Additional Common Paid-In Capital Retained Stock Earnings Total Balances, October 1 10 Issued Common Stock Net Income Dividends Balances, October 31 Feedback Check My Work The statement of stockholders' equity shows the beginning balances of common stock and retained earnings. The common stock balance will be increased by any stock issued during the period. Retained earnings will be increased by any net income and decreased by any net losses and dividends