Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help fill in the other blanks Problem 15-1 On January 5, 2017, Buffalo Corporation eceived a charter granting the right to issue s soo

please help fill in the other blanks image text in transcribed
image text in transcribed
image text in transcribed
Problem 15-1 On January 5, 2017, Buffalo Corporation eceived a charter granting the right to issue s soo shares of $100 per value, 8% ar and 46,300 shares of $10 par value common stock. It then completed these transactions. lative and partie pre g prefe ed tock Jan. 11 Issued 19,400 shares of common stock at $15 per share. Feb. 1 Issued to Sanchez Corp. 4,200 shares of preferred stock for the following assets: equipment with a fair value of $54,100; a factory building with a fair value of $162,000; and land with an appraised value of $274,000. July 29 Purchased 1,700 shares of common stock at $16 per share. (Use cost method.) Aug. 10 Sold the 1,700 treasury shares at $15 per share. Dec. 31 Declared a $0.25 per share cash dividend on the common stock and declared the preferred dividend. Dec. 31 Closed the Income Summary account. There was a $176,200 net income. Record the journal entries for the transactions listed above. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select-No Entry" for the account titles and enter 0 for the amounts. Record entries ln the order displayed in the problem statement, eound answer, to decimal places, eg. $5,275.) Date Account Titles and Explanation DebitCredit pETTT, cash 291000 Common Stock 94000 Paid-in Capital in Excess of Par Common Stock 97000 Feb. 1 Equipment 54100 Buildings 162000 Land 274000 Preferred Stock 420000 Paid-in Capital in Excess of Par- Preferred Stock Duly 29 Treasury Stocik 27200 Cash Cash Retained Earnings 25500 25500 5100 Aug. 10 Treasury Stock 27200 Dec. 31 Retained Earnings 120900 Dividends Payable - Common Stock 120900 Dec. 31 Income Summary 176200 Retained Earnings 176200 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT 20 F2 OU F FS Prepare the stockholders' equity section of Buffalo Corporation's balance sheet as of December 31, 2017. BUFFALO CORPORATION Stockholders' Equity December 31, 2017 Stockholders' Equity Preferred Stock 420000 Common Stock 194000 Total Capital Stock 614000 Additional Paid-in Capital Paid-in Capital in Excess of Par Preferred Stock Paid-in Capital in Excess of Par - Common Stock Total Paid-in Capital 50200 Retained Earnings Total Stockholders' Equity FS 8

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

Intermediate Accounting

Authors: kieso, weygandt and warfield.

14th Edition

9780470587232, 470587288, 470587237, 978-0470587287

More Books

Students also viewed these Accounting questions

Question

What is meant by Conceptual Dependency?

Answered: 1 week ago