In late 2018, NCS Corporation was formed The corporate charter authorized the issuance of 40 million shares of common stock carrying a $1 par value, and 10 million shares of $50 par value, 10 cumulative, nonparticipating preferred stock On Dec 23, 2018, 6 million shares of the common stock were issued in exchange for cash at an average price of $35 per share Also on Dec 23, 3 million shares of preferred stock were issued at $55 per share During 2019, NCS Corporation participated in the following transactions On January 30, NCS reacquired 500,000 shares for the treasury at a price of $34 per share On May 31, 100,000 treasury shares were sold at $36 per share On July 20, NCS reacquired and retired 1 million common shares at a price of $39 per share On August 31, 100,000 treasury shares were sold at $36 per share On November 15, the board of directors of NCS declared cash dividends of $1 million Payment was scheduled for December 15, to common and preferred shareholders of record on November 15 On December 18, NCS declared a 5 stock dividend, payable on December 22, to common shareholders of record on December 20 At the date of declaration, the common stock was selling in the open market at $37 per share On December 25, 200,000 treasury shares were sold at $35 per share On December 30, NCS replaced its $1 par value common stock (all the authorized shares) with a new common stock having a $ 50 par value This represents a 2 for 1 stock split That is, the shareholders received two shares of the $ 50 par stock in exchange for each share of the $0 5 par stock they own The $1 par stocks were collected and destroyed Net income for 2019 was $15,000,000 Note Dividends are not paid on shares held in the treasury Dividends are paid only on the shares outstanding Enter your answers in Thousands Prepare journal entries to record these transactions in 2019 Determine the amount of dividends to be paid to preferred and common shareholders, and the amount of dividend in arrears for 2019 Prepare a comparative statement of shareholders' equity for NCS Corporation for 2019 PIC, PIC, ExcessPIC, shareRetained Treasury Shareholders of par, Common Total in $ thousand)Stock $1 Excess of preferred par, stock repurchase Earnings stock par preferred Equity common Balance at Jan 1, 0 0 0 Date 2019 Repurchased common shares Sold treasury 30 Jan 31 May stocks Repurchased and 20 Jul retired common shares Sold treasury 31 Aug stocks 15 NovCash dividend 18 Dec dividend declared Common stock Common stock 20 Dec dividend 25 Dec old treasury 31 DecNet income Balance at Dec 5,235178,460 150,000 15,000 400 1,505 (3,400347,200 31, 2019

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In late 2018, NCS Corporation was formed. The corporate charter authorized the issuance of 40 million shares of common stock carrying a $1 par value,

In late 2018, NCS Corporation was formed. The corporate charter authorized the issuance of 40 million shares of common stock carrying a $1 par value, and 10 million shares of $50 par value, 10% cumulative, nonparticipating preferred stock. On Dec 23, 2018, 6 million shares of the common stock were issued in exchange for cash at an average price of $35 per share. Also on Dec 23, 3 million shares of preferred stock were issued at $55 per share.

During 2019, NCS Corporation participated in the following transactions:

On January 30, NCS reacquired 500,000 shares for the treasury at a price of $34 per share.
On May 31, 100,000 treasury shares were sold at $36 per share.
On July 20, NCS reacquired and retired 1 million common shares at a price of $39 per share.
On August 31, 100,000 treasury shares were sold at $36 per share.
On November 15, the board of directors of NCS declared cash dividends of $1 million. Payment was scheduled for December 15, to common and preferred shareholders of record on November 15.
On December 18, NCS declared a 5% stock dividend, payable on December 22, to common shareholders of record on December 20. At the date of declaration, the common stock was selling in the open market at $37 per share.
On December 25, 200,000 treasury shares were sold at $35 per share.
On December 30, NCS replaced its $1 par value common stock (all the authorized shares) with a new common stock having a $.50 par value. This represents a 2-for-1 stock split. That is, the shareholders received two shares of the $.50 par stock in exchange for each share of the $0.5 par stock they own. The $1 par stocks were collected and destroyed.
Net income for 2019 was $15,000,000.

**Note: Dividends are not paid on shares held in the treasury. Dividends are paid only on the shares outstanding.

**Enter your answers in Thousands.

Prepare journal entries to record these transactions in 2019.
Determine the amount of dividends to be paid to preferred and common shareholders, and the amount of dividend in arrears for 2019.
Prepare a comparative statement of shareholders' equity for NCS Corporation for 2019.

PIC, PIC, ExcessPIC, shareRetained Treasury Shareholders of par, Common Total in $ thousand)Stock $1 Excess of preferred par, stock repurchase Earnings stock par preferred Equity common Balance at Jan 1, 0 0 0 Date 2019 Repurchased common shares Sold treasury 30-Jan 31-May stocks Repurchased and 20-Jul retired common shares Sold treasury 31-Aug stocks 15-NovCash dividend 18-Dec dividend declared Common stock Common stock 20-Dec dividend 25-Dec old treasury 31-DecNet income Balance at Dec 5,235178,460 150,000 15,000 400 1,505 (3,400347,200 31, 2019