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Journalize Diedre's transactions for 2019. Diedre Corporation Balance Sheet (Partial) December 31, 2018 Stockholders' Equity Paid-In Capital: Common Stock-$2 Par Value; 7,000,000 shares 4,000,000 900,000 4,900,000 360,000,000 $ 364,900,000 authorized, 2,000,000 shares issued and outstanding Paid-In Capital in Excess of Par--Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity Jan 1: Issued 50,000 shares of common stock for $7 per share. Jan 1 Cash 350,000 Common Stock--$2 Par Value 100,000 Paid-ln Capital in Excess of Par--Common 250,000 Issued common stock at a premium Feb 15: Issued 9,000 shares of common stock for $6 per share. Feb 15 Cash 54,000 Common Stock-$2 Par Value Paid-In Capital in Excess of Par--Common Issued common stock at a premium 18,000 36,000 Mar 1: Declared a $0.50 per share cash dividend on its common stock to be paid on March 30 Mar 1 Cash Dividends 1,029,500 Dividends Pavable--Common 1,029,500 Declared a cash dividend Mar 15: Date of record for cash dividend declared on March 1 Mar 15 No entry recorded Mar 30: Paid the cash dividend (from Mar. 1 declaration) to stockholders Mar 30 Dividends Payable--Common Cash Payment of cash dividend 1,029,500 1,029,500 Nov 1: Declared a 5% common stock dividend on all common stock outstanding. Current market price of the stock was $4 Nov 1 Stock Dividends Common Stock Dividend Distributable Paid-In Capital in Excess of Par--Common Declared 5% stock dividend 411,800 205,900 205,900 Nov 15: Date of record for common stock dividend declared on November 1 Nov 15 No entry recorded Nov 30: Distributed stock (from Nov 1 declaration) to stockholders Nov 30 Common Stock Dividend Distributable 205,900 Common Stock--$2 Par Value 205,900 Issued 5% stock dividend Dec 1: Purchased 3,000 shares of treasury stock-common at $5 per share. Dec 1 15,000 Treasury Stock--Common Cash Purchased treasury stock 15,000 Dec 20: Sold 2,000 shares of treasury stock-common at $6per share Dec 20 Cash 12,000 Treasury Stock-Common Paid-In Capital from Treasury Stock Transaction Sold treasury stock above cost 10,000 2,000 Requirement 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2019 Assume Diedre had net income of $10,000,000 during 2019 and that Cash Dividends and Stock Dividends have been closed to the Retained Earnings account Diedre Corporation Balance Sheet (Partial) December 31, 2019 Paid-In Capital Common Stock--$2 Par Value; 2,161,950 shares issued Paid-In Capital in Excess of Par--Common Paid-ln Capital from Treasury Stock Transactions Total Paid-In Capital Retained Earnings Treasury Stock at Cost Total Stockholders' Equity 7,000,000 shares authorized 2,160,950 shares outstanding$4,323,900 1,391,900 2,000 5,717,800 368,558,700 (5,000) $374,271,500 Requirement 3. Determine Diedre's earnings per share for 2019. (Net Income Preferred dividends) / Ave # common shares Earnings per share ($10,000,000- $0)/ 2,080,475 = $4,81 Requirement 4. Assuming Diedre's market value per common share as of December 31, 2019, was $9, Calculate Diedre's price/earnings ratio for 2019. Market price per share IEarnings per sharePrice/earnings ratico $9 4.81 $1.87 Journalize Diedre's transactions for 2019. Diedre Corporation Balance Sheet (Partial) December 31, 2018 Stockholders' Equity Paid-In Capital: Common Stock-$2 Par Value; 7,000,000 shares 4,000,000 900,000 4,900,000 360,000,000 $ 364,900,000 authorized, 2,000,000 shares issued and outstanding Paid-In Capital in Excess of Par--Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity Jan 1: Issued 50,000 shares of common stock for $7 per share. Jan 1 Cash 350,000 Common Stock--$2 Par Value 100,000 Paid-ln Capital in Excess of Par--Common 250,000 Issued common stock at a premium Feb 15: Issued 9,000 shares of common stock for $6 per share. Feb 15 Cash 54,000 Common Stock-$2 Par Value Paid-In Capital in Excess of Par--Common Issued common stock at a premium 18,000 36,000 Mar 1: Declared a $0.50 per share cash dividend on its common stock to be paid on March 30 Mar 1 Cash Dividends 1,029,500 Dividends Pavable--Common 1,029,500 Declared a cash dividend Mar 15: Date of record for cash dividend declared on March 1 Mar 15 No entry recorded Mar 30: Paid the cash dividend (from Mar. 1 declaration) to stockholders Mar 30 Dividends Payable--Common Cash Payment of cash dividend 1,029,500 1,029,500 Nov 1: Declared a 5% common stock dividend on all common stock outstanding. Current market price of the stock was $4 Nov 1 Stock Dividends Common Stock Dividend Distributable Paid-In Capital in Excess of Par--Common Declared 5% stock dividend 411,800 205,900 205,900 Nov 15: Date of record for common stock dividend declared on November 1 Nov 15 No entry recorded Nov 30: Distributed stock (from Nov 1 declaration) to stockholders Nov 30 Common Stock Dividend Distributable 205,900 Common Stock--$2 Par Value 205,900 Issued 5% stock dividend Dec 1: Purchased 3,000 shares of treasury stock-common at $5 per share. Dec 1 15,000 Treasury Stock--Common Cash Purchased treasury stock 15,000 Dec 20: Sold 2,000 shares of treasury stock-common at $6per share Dec 20 Cash 12,000 Treasury Stock-Common Paid-In Capital from Treasury Stock Transaction Sold treasury stock above cost 10,000 2,000 Requirement 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2019 Assume Diedre had net income of $10,000,000 during 2019 and that Cash Dividends and Stock Dividends have been closed to the Retained Earnings account Diedre Corporation Balance Sheet (Partial) December 31, 2019 Paid-In Capital Common Stock--$2 Par Value; 2,161,950 shares issued Paid-In Capital in Excess of Par--Common Paid-ln Capital from Treasury Stock Transactions Total Paid-In Capital Retained Earnings Treasury Stock at Cost Total Stockholders' Equity 7,000,000 shares authorized 2,160,950 shares outstanding$4,323,900 1,391,900 2,000 5,717,800 368,558,700 (5,000) $374,271,500 Requirement 3. Determine Diedre's earnings per share for 2019. (Net Income Preferred dividends) / Ave # common shares Earnings per share ($10,000,000- $0)/ 2,080,475 = $4,81 Requirement 4. Assuming Diedre's market value per common share as of December 31, 2019, was $9, Calculate Diedre's price/earnings ratio for 2019. Market price per share IEarnings per sharePrice/earnings ratico $9 4.81 $1.87