Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Only Need help with requirement 3. Preparing the stockholders equity section of balance sheet. Requirement 3. Prepare the stockholders' equity section of the balance sheet
Only Need help with requirement 3. Preparing the stockholders equity section of balance sheet.
Requirement 3. Prepare the stockholders' equity section of the balance sheet at December 31,2024 . (Use parentheses or a minus sign for amounts to be subtracted Stockholders' Equity Paid-In Capital: Common Stock - \$15 Par Value; 100,000 shares authorized, 22,000 shares issued and outstanding \begin{tabular}{rr} $ & 330,000 \\ & 310,000 \\ \hline & 640,000 \\ & 159,000 \\ \hline$799,000 \\ \hline \hline \end{tabular} Total Stockholders' Equity Feb. 6 Declared a 15\% stock dividend on common stock. The market value of MacMillan's stock was $22 per share. Feb. 15 Distributed the stock dividend. Jul. 29 Purchased 1,900 shares of treasury stock at $22 per share. Nov. 27 Declared a $0.20 per share cash dividend on the common stock outstanding. 1. Record the transactions in the general journal. 2. Prepare a retained earnings statement for the year ended December 31 , 2024. Assume MacMillan's net income for the year was $88,000. 3. Prepare the stockholders' equity section of the balance sheet at December 31,2024 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