On January 1, 2016, Metco, Inc., reported 271,000 shares of $7 par value common stock as being issued and outstanding. On March 15, 2016, Metco, Inc., purchased for its treasury 2,700 shares of its common stock at a price of $39.00 per share. On August 10, 2016, 600 of these treasury shares were sold for $45.50 per share. Metco's directors declared cash dividends of $0.50 per share during the second quarter and again during the fourth quarter, payable on June 30, 2016, and December 31, 2016, respectively. A 5% stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year.

2.

value:

10.00 points

Required information

Required:

a-1.Use the horizontal model for the treasury stock purchase on March 15, 2016.(Use amounts with + for increases and amounts with for decreases.)

3.

value:

10.00 points

Required information

a-2.Prepare the journal entry for the treasury stock purchase on March 15, 2016.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

4.

value:

10.00 points

Required information

b.Calculate the total amount of the cash dividends paid in the second quarter.

5.

value:

10.00 points

Required information

c-1.Use the horizontal model for the sale of the treasury stock on August 10, 2016.(Use amounts with + for increases and amounts with for decreases.)

6.

value:

10.00 points

Required information

c-2.Prepare the journal entry for the sale of the treasury stock on August 10, 2016.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

7.

value:

10.00 points

Required information

d.Calculate the total amount of cash dividends paid in the fourth quarter.

8.

value:

10.00 points

Required information

e.Calculate the number of shares of stock issued in the stock dividend.