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Exercises Item 1: On January 1, 2023, Entity L had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar, 1 Issued 40,000 shares of common stock at $10 per share. June 1 Declared a cash dividend of $1.25 per share to stockholders of record on June 15 June 30 Paid the $1.25 cash dividend Dec. 1 Purchased 3,000 shares of common stock for the treasury for $14 per share Instructions: Prepare journal entries to record the above transactions. Show your calculations. Item 2: The December 31, 2023 balance sheet of Entity M showed the following: Treasury stock (7,000 shares common) \$ 77,000 Paid-in capital in excess of stated value - common stock 1,700,000 9% preferred stock, $100 par value, cumulative, 30,000 shares authorized; 12,000 shanes issued, ? outstanding $1,200,000 Common stock, $10 staled value, 500,000 shares authorized; 300,000 shares issued. ? shares outstanding 3,000,000 Paid-in capital in excess of par value - preferred stock 210,000 Retained earnings 3,158,000 Instructions: What is total stockhoiders' equity? Prepare the stockholders' equity section of the balance sheet You should look at lilus. 11,18 to get a sense of what yours should look like. Use good form, indicating the number of authorized, issued, and outstanding shares for each class of stock. altem 3: A. List two differences between common and preferred stock. June 30 Paid the $1.25 cash dividend Dec. 1 Purchased 3,000 shares of common stock for the treasury for $14 per share Instructions: Prepare journal entries to record the above transactions, Show your calculations. Item 2. The December 31, 2023 balance sheet of Entity M showed the following: Treasury stock (7,000 shares common) \$77,000 Paid-in capital in excess of stated value - common stock 1,700,000 9% preferred stock, $100 par value, cumulative. 30,000 shares authorized, 12,000 shares issued, ? outstanding $1,200,000 Common stock, $10 stated value, 500,000 shares authorized: 300,000 shares issued. ? shares outstanding 3,000,000 Paid-in capital in excess of par value - preferred stock 210,000 Retained earnings 3,158,000 Instructions: What is total stockholders' equily? Prepare the stockholders' equity section of the balance sheet. You should look at Illus. 11.18 to get a sense of what yours should look like. Use good form, indicating the number of authorized, issued, and outstanding shares for each class of stock. Lliem 3: A. List two differences between common and preferred stock. B. What is the difference between cumulative preferred stock and non-cumulative preferred stock? c. How are dividends in arrears presented in the financial statements
