II. Problems: show all calculations 1 Boron Company is authorized to issue 50 000 shares of SSO par value, 8%, cumulative. fully participating preferred stock, and 750,000 shares of S5 par value common stock Prepare jourmal entries to record the following selected transactions that occurred during the company's first year of operations: Exchanged 2,200 shares of preferred stock for a building with a market value of S135,000. May 5 July 20 Sold 1,550 shares of preferred stock for $50 cash per share. Dec. 20 Sold 1,000 shares of preferred stock at $52 cash per share. 2. A company is authorized to issue 750,000 shares of $2 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations: Jan. 10 Sold 102,000 shares of common stock for $8 cash per share. s Exchanged 10,000 shares of common stock for equipment with a market value of $70,000 Exchanged 500 shares of common stock for $3,000 of legal services Incurred during the company's organization. Feh 3. Cactus Joe Corporation reported stockholders' equity on January 1 of the current year as follows: Common Stock, S5 par value, 1,000,000 shares authorized, 600,000 shares issued; Paid-in Capital in Excess of Par Value, Common Stock, $1,025,000; Retained Earnings, $1,850,000. Prepare journal entries to record the following transactions: A cash dividend of $1.05 per common share was declared by the board of directors to stockholders of record on May 20, payable June 1 May 20 The date of record. June 1 Paid the cash dividend 4. Record the following transactions of Naches Corporation in general journal form: (a) Reacquired 8,000 of its own $3 par value common stock at $20 cash per share. The stock was originally issued at $15 per share. (b) Sold 2,000 shares of the stock reaequired under part (a) at $23 cash per share. (e) Sold 3,000 shares of the stock reacquired under part (a) at $19 cash per share. A company was organized in January 2014 and has 20,000 shares of $10 par value, 10%, nonparticipating preferred stock outstanding and 150,000 shares of $2 par value common stock outstanding. It has declared and paid cash dividends each year as shown below Calculate the total dividends distributed to each class of stockholder under each of the assumptions given. 5, Assuming Preferred Assuming Preferred Stock Is Noncumulative Stock Is Cumulative Cash Ye Dividends Preferred Common Preferred Common r Declared and Dividend Dividend Dividend Dividend Paid $18,000 $36,000 2014 2015