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Need financial accounting help please Stockholders' Equity Transactions, Journal Entries, and T-Accounts The stockholders equity of Fremantle Corporation at January 1 follows: B Percent preferred
Need financial accounting help please
Stockholders' Equity Transactions, Journal Entries, and T-Accounts The stockholders equity of Fremantle Corporation at January 1 follows: B Percent preferred stock, $110 par value, 20,000 shares $440,000 authorired: 4,0co shares issued and putstanding Con value, 10,04 utstanding 150,000 Paid-in capital in excess af par value Preferred stock 200.000 Paid-in capital in excess of par value-Common stocko Retained earnings 550000 150 0f0 Total Stotkhalders' Equity The following transactions, among others, occurred during the year: 1Announced a 2-for-1 common stock salit, reducing the par value of the common stock to s2 per share, Jan Mar 1 Converted $90,000 face value of convertible bonds payable (the book value of the bonds was $93,000) to common stock. Each $1,000 bond converted to 125 shares of common stock. preferred stock. 1Acquired equipment with a fair market value of s60,000 in excharge for 500 shares lune Acquirrd 10,000 shares of comman stock for cash at $20 per share Sept 21 Issued 5.0o0 shares of common stock at $23 cash per share. No. Dec. $24 per share. 28 Sold 1.000 treasury shares 31 Clased net incpme af $107.coo, to the Retained Earnings account. Required a. Set up T-accounts for the stockholders' equity accounts as of the beginning of the year and enter the January 1 balances. HINT: Complete part b clow prior to entering any additional T-account data. Cash Bonds Payable Premium on Bonds Payable Equipment Mar 31 5p01 Mar.3 Jun.01 0 Nav.21 Doc 28 Paid-in-Capital in Excess of Par Value - Common Stock Paid-in-Capital in Excess of Par Value Preferred Stock Preferred Stock Common Stock . Mar 3 . Bg. e. un.01 Jun.01 Mar.31 0 Bal Ba Nov27 0 0 Nov 21 Bal. Ral Paid-in-Capital from Treasury Stocke Retained Eamings Treasury Stock- Common Dec 28. Sept01 Ba Ba C Dec.28 Dec 31 Bal. .Prepare journal entries for the given transactions and post them to the T-accounts above in part a. Do not prepare the jounal entry for the Dec. 31 transaction, but post the approprate amount to the Retained Earnings T-account. Determine the ending balances for the stockholders' equity accounts. ral Journal Credi Date Desc Debit (Merorandury Cormon Siuck plt 2 fur 1 len 01 Mar 31 Rends Payahles 93000 t Premium on Bonds Pavable 143,250 C PerinCanital in Estess uf Per Value Common Stock 225000 Ta receud convers 0n af bonds 600 lun 01. Equipment Preferred Stock 55,000 red Steck Sep.01 Traasury Srark Comman Pad in Capital fram Troasury Stock Purchased ireasury stock Nov 21 Commen Stack Pad-in Coptal in Expess af Par valuc Comman Stock # Issued cuinnen stock Cash Paidio.Canltal from Troasury Stock T ry aakoa ccsStep by Step Solution
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