Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please do all requirments thank you Question Help her looking into debt financing through noles, mortgage, and bonds payable Canyon Cance Company decides to raise

please do all requirments thank you image text in transcribed
image text in transcribed
image text in transcribed
Question Help her looking into debt financing through noles, mortgage, and bonds payable Canyon Cance Company decides to raise additional capital for a planned business expansion. The company will be able to acquirea as well as land adjacent to its current business location. Before the following tractions, the bence in Common Stock on January 1, 2021 was $158.000 and included 136,000 shares of common stock issue and outstanding (There was no Paldin Capital in Excess of ParCommon) Caryon Cance Company had the following transactions in 2021 Click the icon to the radio Read the recents Requirement 1. Joumalize the transaction (Record debitstrendit Bolette explanation on the line of the pumalantable) Joned 50,000 shares of 51 per valve common torol 200.000 Dan Accounts and East Behit Credit Cash 900.000 Paid in an Excess of common 350.000 Comon S-Paru 50,000 door 100.000 pred change and with a 70.000 und Ents Cred Ch 1. Journalize the transactions. 2. Calculate the balance in Retained Earnings on December 31, 2021. Assume the balance on January 1, 2021 was $4,250 and net income for the year was $417,000. 3. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. There was no preferred stock issued prior to the 2021 transactions. Jan. 1 Issued 50,000 shares of $1 par value common stock for a total of $200,000. Issued 20,000 shares of 4%, $3 par value preferred stock in exchange for land with a market value of Jan. 10 $70,000 Dec. 15 Declared total cash dividends of $15,000. Dec. 20 Declared an 8% common stock dividend when the market value of the stock was $4,50 per share. Dec. 31 Paid the cash dividends. Dec. 31 Distributed the stock dividend

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Charles E. Davis, Elizabeth Davis

2nd edition

1118548639, 9781118800713, 1118338448, 9781118548639, 1118800710, 978-1118338445

More Books

Students also viewed these Accounting questions

Question

What does stickiest refer to in regard to social media

Answered: 1 week ago