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only two answers need to be answer I have been doing this question for long times and not getting the right answer. here is some
only two answers need to be answer
I have been doing this question for long times and not getting the right answer.
here is some of the wrong answer I got
Pranks, Inc. is a manufacturer of joke and novelty products for perpetrators of practical jokes. The corporation has paid several cash dividends throughout Year 6, the current year. It is also declaring a stock dividend to its stockholders as the calendar year- end approaches. You've been brought in as a consultant to assist with this process, and also to help determine whether some missing information can be determined before the distribution of the stock dividend is made. The company has two classes of stock: common stock and cumulative preferred stock. You've been able to retrieve the following information so far: Number of common shares authorized 800,000 Number of common shares issued 650,000 Par value of common shares $20 Par value of cumulative preferred shares $30 Paid-in capital in excess of par-common stock $7,000,000 Paid-in capital in excess of par-preferred stock $0 Total retained earnings before the stock dividend is declared $33,500,000 No treasury shares have been reissued. Total Cash Preferred Dividends Common Dividends Year Dividends Total Per Share Total Per Share Year 1 20,000 20,000 0.20 0 0.00 Year 2 36,000 36,000 0.36 0 0.00 Year 3 79,000 34,000 0.34 45,000 0.09 Year 4 105,000 30,000 0.30 75,000 0.15 Year 5 120,000 30,000 0.30 90,000 0.18 Year 6 180,000 30,000 0.30 150,000 0.30 The company declared a 4% common stock dividend on December 1, and would like you to compute the following pieces of missing information. The market value of the common shares is $25.00 on December 1, and is $30.00 on the actual distribution date of the stock, December 31. Fill in the missing information in the following table, using the information given and your work on the other panels. All "before" items are before the stock dividend was declared. All after items are after the stock dividend was declared and closing entries were recorded at the end of the year. Total paid-in capital before the stock dividend $23,000,000 Total retained earnings before the stock dividend 33,500,000 Total stockholders' equity before the stock dividend $56,500,000 Total paid-in capital after the stock dividend $23,650,000 X Total retained earnings after the stock dividend 32,850,000 X Total stockholders' equity after the stock dividend $56,500,000 7000000 23000000 180,000 150000 23,330,000 23650000 23130000 13,390,000 33662500 33630000 34280000 32720000 23520000 32980000 180000 22820000 23000000 33500000 56500000 23650000 32850000 56500000 23650000 32850000 10500000 119,134
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