I need help with filling out the partial balance sheet.
Jan. 16 Feb. 15 Jun. 10 Jul. 30 Declared a cash dividend on the 6%, $103 par noncumulative preferred stock (1,050 shares outstanding). Declared a $0.20 per share dividend on the 100,000 shares of $2 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Paid the cash dividends. Split common stock 2-for-1. Declared a 30% stock dividend on the common stock. The market value of the common stock was $9 per share. Distributed the stock dividend. Purchased 1,000 shares of treasury stock at $8 per share. Sold 500 shares of treasury stock for $10 per share. Sold 300 shares of treasury stock for $4 per share. Aug. 15 Oct. 26 Nov. 8 Nov. 30 Requirement 2. Prepare the Deerborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Deerborn was authorized to issue 2,600 shares of preferred stock and 400,000 shares of common stock. Both preferred stock and common stock were issued at par. The ending balance of retained earnings as of December 31, 2024, is $2,060,000. (Use parentheses or a minus sign for amounts to be subtracted.) Deerborn Manufacturing, Co. Balance Sheet (Partial) December 31, 2024 Stockholders' Equity 2600||shares authorized, Paid-In Capital: Preferred Stock-6%, $103 Par Value; 1050||shares issued and outstanding Common Stock-$2 Par Value; 528450 400000||shares authorized, 260000||shares issued and outstanding 100000||shares outstanding 520000 1048150 Total Paid-In Capital Retained Earnings 2059800 Treasury StockCommon; 200 shares at cost -1600 3106350 Total Stockholders' Equity Deerborn Manufacturing Co. completed the following transactions during 2024: Click the icon to view the transactions.) Read the requirements Requirement 1. Record the transactions in Deerbom's general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.) Jan. 16: Declared a cash dividend on the 6%, $103 par noncumulative preferred stock (1,050 shares outstanding). Declared a $0.20 per share dividend on the 100,000 shares of S2 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Date Accounts and Explanation Debit Credit Jan. 16 Cash Dividends 28. Dividends Payable- Preferred 6,489 Dividends Payable- Common 20,000 Declared a cash dividend Feb. 15: Paid the cash dividends. Date Accounts and Explanation Debit Credit Feb. Dividends Payable- 15 Preferred 6,489 Dividends Payable- Common 20,000 Cash 26,489 Paid cash dividond. Jun. 10: Split common stock 2-for-1. Date Accounts and Explanation Debit Credit Jun. 10 No entry required Jul. 30: Declared a 30% stock dividend on the common stock. The market value of the common stock was $9 per share. Date Accounts and Explanation Debit Credit Jul. 30 Stock Dividends 60,000 Common Stock Dividend Distributable 60,000 Declared a 30% stock dividend. Aug. 15: Distributed the stock dividend. Date Aug. 15 Accounts and Explanation Debit Credit Common Stock Dividend Distributable 60,000 Common Stock-$1 Par Value 60,000 Issued 30% stock dividend. Oct. 26: Purchased 1,000 shares of treasury stock at $8 per share. Date Accounts and Explanation Debit Credit Oct. 26 Treasury StockCommon 8,000 Cash 8,000 Purchased treasury stock. Nov. 8: Sold 500 shares of treasury stock for $10 per share. Date Accounts and Explanation Debit Credit Nov. 8 Cash 5,000 Treasury StockCommon 4,000 Paid-In Capital from Treasury Stock Transactions 1,000 Sold treasury stock above cost. Nov. 30: Sold 300 shares of treasury stock for $4 per share. Date Accounts and Explanation Debit Credit Nov. 30 Cash 1,200 Paid-In Capital from Treasury Stock Transactions 1,000 Retained Earnings 200 Treasury Stock-Common 2,400 Sold treasury stock below cost. Requirement 2. Prepare the Deerborn's stockholders' equity section of the balance sheet as of December 31, 2024. Assume that Deerborn was authorized to issue 2,600 shares of preferred stock and 400,000 shares of com stock. Both preferred stock and common stock were issued at par. The ending balance of retained earnings as of December 31, 2024, is $2,060,000. (Use parentheses or a minus sign for amounts to be subtracted.) 528450 Deerborn Manufacturing, Co. Balance Sheet (Partial) December 31, 2024 Stockholders' Equity Paid-In Capital: Preferred Stock6%, $103 shares Par Value; 2600||authorized, shares issued and 1... outstanding shares Common Stock-$2 Par Value;|| 40... |authorized, shares issued and shares 26... outstanding 10... outstanding Total Paid-In Capital Retained Earnings Treasury Stock-Common; shares at cost Total Stockholders' Equity 520000 1048150 2059800 -1600 3106350
