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Lion Company has two classes of capital stock outstanding: 7%, $50 par preferred and $1 par common. At December 31, 2017, the following accounts were
Lion Company has two classes of capital | |||||||||
stock outstanding: 7%, $50 par preferred and $1 par common. At December 31, 2017, the following accounts were included in | |||||||||
stockholders equity. | |||||||||
Preferred Stock, 200,000 shares $10,000,000 | |||||||||
Common Stock, 5,000,000 shares 5,000,000 | |||||||||
Paid-in Capital in Excess of ParPreferred Stock 350,000 | |||||||||
Paid-in Capital in Excess of ParCommon Stock 68,700,000 | |||||||||
Retained Earnings 12,780,000 | |||||||||
The following transactions affected stockholders equity during 2018. | |||||||||
Mar 23 4-for-1 stock split (par value reduced to $0.25). | |||||||||
Apr 1 25,000 shares of common treasury stock purchased at $12 per share. Merriweather uses the cost method. | |||||||||
Jun. 18 50,000 shares of preferred stock issued at $51 per share. | |||||||||
Aug. 18 15,000 shares of treasury stock reissued at $13 per share. | |||||||||
Oct. 1 120,000 shares of common stock issued at $14 per share. | |||||||||
Dec. 31 The preferred dividend is declared, and a common dividend of $0.15 per share is declared. | |||||||||
Dec. 31 Net income is $4,650,000. |
Question 1 |
As of December 31, 2018, what are the following amounts? |
1. Preferred stock |
2. Common stock |
3. Paid-in capital - preferred stock |
4. Paid-in capital - common stock (including any Paid-in capital from treasury stock transactions) |
5. Retained earnings |
6. Treasury stock |
7. Total stockholders' equity |
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