Answered step by step
Verified Expert Solution
Question
1 Approved Answer
need some help with this spreadsheet!! thanks! ISSUANCE OF STOCK AND DIVIDENDS Shawn Delo decides to start a new company in January 2019 that will
need some help with this spreadsheet!! thanks!
ISSUANCE OF STOCK AND DIVIDENDS Shawn Delo decides to start a new company in January 2019 that will be operated as a corporation, Delo Outdoor Equipment (DOE). This company will sell outdoor clothing and equipment. Delo Outdoor Equipment had the following select transactions in 2019: Issued 50,000 shares of $1 par value common stock for a total of $200,000. Jan. 1 Issued 20,000 shares of 4%,$3 par value preferred stock in exchange for land with a market 10 value of $70,000. Declared tatal cash dividends of $15,000. Declared an 8% common stock dividend when the market value of the stock was $4.50 per 20 share. 31 Paid the cash dividends. 31 Distributed the stock dividend. 31 Purchased 500 shares of treasury stock at $4 per share Requirements 1 Journalize the transactions. Calculate the balance in Retained Earnings on December 31, 2019. Assume net income for the year was $420,000. 3 Prepare the stockholders' equity section of the balance sheet as of December 31,2019 . \begin{tabular}{|l|l|l|l|l|l|l|} \hline & & \\ \hline 22 & & \end{tabular} REQUIREMENT 2 - RETAINED EARNINGS Delo Outdoor Equipment Statement of Retained Earnings Year Ended December 31, 2019 Retained Earnings, January 1, 2019 Net income for the year Total Stock Dividends Declared Cash Dividends Declared Retained Earnings, December 31, 2019 REQUIREMENT 3 - STOCKHOLDER'S EQUITY SECTION OUTDOOR EQUIPMENT INCORPORATED Balance Sheet (Partial) December 31, 2019 Paid-In Capital: Preferred Stock, 4\%, \$3 par value; 20,000 shares issued and outstanding Paid-In Capital in Excess of Par-Preferred Common Stock -\$1 Par Value; 54,000 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Treasury Stock Total Stockholders' Equity $ Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started