Question
On Jan 1, the Harrison Corp. had the following stockholders' equity accounts: Common stock ($20 par value, 1,000,000 shares authorized, 200,000 shares issued)-$4,000,000 Paid in
On Jan 1, the Harrison Corp. had the following stockholders' equity accounts:
Common stock ($20 par value, 1,000,000 shares authorized, 200,000 shares issued)-$4,000,000
Paid in capital in excess of par value-$1,400,000
Retained earnings-$4,560,000
Tresury stock (12,000 shares single purchase)-($360,000)
1. Jan 10
Declared a 5% stock dividend (only for outstanding stock) to be distributed on February 15.(Market value on the date of declaration was $24)
2. April 15
Declared a $0.60 per share cash dividend to stockholders of record on April 30, distributable on May 15.
3. July 1
Announced a 2-for 1 stock split, The market price per share just prior to the split was $22. The stockholders of record will be immediate. Any transfer of certificates will take place on or by July 31.
4. Sept 1
sold one half of all our treasury stock for $15
5. Dec 1
Declared a $0.50 per share cash dividend to stockholders of record on Jan 5, payable to stockholders on Jan 15.
6. Dec 31.
After adjusting entries and the first two closing entries the Income Summary account has a credit balance of $250,000
Questions: a. Par value-common stock
b. # of shares authorized
c. # of shares issued
d. # of shares outstanding
e. total balance of the common stock account
f. balance of paid in capital-excess of par value
g. balance of retained earning
h. total liabilities surrounding stockholders and their rights
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