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Please assist with the attached homework. It is due tonight. I-14.04 Dry Dock Container Corporation began operations in early 20X5, when it issued 200,000 shares
Please assist with the attached homework. It is due tonight.
I-14.04 Dry Dock Container Corporation began operations in early 20X5, when it issued 200,000 shares of $3 par value common stock for $10 per share. The following additional equityrelated transactions occurred during 20X5. Transaction A: Issued 50,000 shares of $100 par value, 6%, cumulative preferred at $102 per share. Transaction B: Reacquired 10,000 common shares for treasury at $12 per share. Transaction C: Declared the full cash dividend on the preferred and $0.10 per share on the outstanding common shares. Transaction D: Paid the previously declared dividends. Transaction E: Sold 10,000 treasury shares at $15 per share. Transaction F: Declared and issued a 2% common stock dividend. The dividend occurred subsequent to the above described treasury stock transactions. The market value of the stock was $13 per share. Transaction G: Reacquired 20,000 common shares for treasury at $11 per share. Transaction H: Closed the annual net income of $800,000 from Income Summary to Retained Earnings. (a) Prepare journal entries for the above described transactions. (b) Prepare the 20X5 statement of stockholders' equity reflecting the above described transactions. (c) Prepare the stockholders' equity section of Dry Dock's balance sheet at December 31, 20X5. Name: Date: I-14.04(a) Section: (a) GENERAL JOURNAL Date Accounts Cash Common Stock Pd-in Cap in Excess of Par - CS To record issuance of 200,000 shares of $3 par value common stock at $10 per share A B C D Debit Credit 2,000,000 600,000 1,400,000 Name: Date: I-14.04(a) Section: GENERAL JOURNAL Date E F G H Accounts Debit Credit Name: Date: I-14.04 Section: Dry Dock Container Corporation Statement of Stockholders' Equity For the Year Ending December 31, 20X5 Preferred Stock, $100 Par Common Stock, $3 Par Paid-in Paid-in Capital Capital in Excess in Excess of Par - PS of Par - CS Retained Earnings Treasury Stock $ $ $ $ Balance - Januar $ - Issue common sh - - - - - - - Issue preferred - - - - - - - Purchase treasur - - - - - - - Cash dividends - - - - - - - Reissue treasury - - - - - - - Net income - - - - - - - Stock dividend - - - - - - - Balance on Dec $ - $ - - $ - - $ $ - - $ - Total Stockholders' Equity - $ - - $ $ - - Name: Date: I-14.04(c) Section: (c) Stockholders' Equity Capital stock: Preferred stock, $ Common stock, - - $ - Additional paid-in capital: $ - Total paid-in capital $ - $ - Total stockholders' equity $Step by Step Solution
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