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Mastery Problem: Corporations: Organization, Stock Transactions, and Dividends Pranks, Inc. Pranks, Inc. is a manufacturer of joke and novelty products for perpetrators of practical jokes. The corporation has paid several cash dividends throughout Year 6, the current year. It is also declaring a stock dividend to its stockholders as the calendar year-end approaches. You've been brought in as a consultant to assist with this process, and also to help determine whether some missing information can be determined before the distribution of the stock dividend is made. The company has two classes of stock: common stock and cumulative preferred stock. Number of common shares authorized 900,000 Number of common shares issued 750,000 Par value of common shares $20 Par value of cumulative preferred shares $30 Paid-in capital in excess of par-common stock $7,000,000 Paid-in capital in excess of par-preferred stock $0 Total retained earnings before the stock dividend is declared $33,500,000 No treasury share have been reissued. Preferred Dividends Common Dividends Total Cash Year Dividends Total Per Share Total Per Share Year 1 40,000 0.20 40,000 0.00 Year 2 72,000 72,000 0.36 0.00 Year 3 104,000 68,000 0.34 36,000 0.09 120,000 Year 4 60,000 0.3 60,000 0.15 Year 5 132,000 60,000 0.3 72,000 0.18 Year 6 180,000 60,000 0.3 120,000 0.3 Cash Dividends The accounting manager for the company prepared the schedule of cash dividends paid from Year 1 to Year 6 on the Pranks, Inc. panel. However, one of the reasons for Pranks, Inc.'s missing information is that the manager is away on vacation and is unreachable by phone, because he is backpacking on a remote island that does not have cell phone reception. Management would like you to determine some information from the data you've collected regarding its outstanding stock. Fill in the following answers. How many shares of common stock are outstanding? How many shares of preferred stock are outstanding? What is the preferred dividend as a percent of par? Addel or Stock Dividend The company declared a 2% common stock dividend on December 1, and would like you to compute the following pieces of missing information. The market value of the common shares is $26 on December 1, and is $32 on the actual distribution date of the stock, December 31. Fill in the missing information in the following table, using the information given and your work on the other panels. All "before" items are before the stock dividend was declared. All "after" items are after the stock dividend was declared and closing entries were recorded at the end of the year. Total paid-in capital before the stock dividend Total retained earnings before the stock dividend Total stockholders' equity before the stock dividend, Total paid-in capital after the stock dividend Total retained earnings after the stock dividend Total stockholders' equity after the stock dividend Determining Cash Payments to Stockholders The board of directors declared cash dividends totaling $150,300 during the current year. The comparative balance sheet indicates dividends payable of $40,600 at the beginning of the year and $36,500 at the end of the year. What was the amount of cash payments to stockholders during the year? Reporting Issuance and Retirement of Long-Term Debt On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the "Cash flows from financing activities" section of the statement of cash flows, assuming no gain or loss on retiring the bonds: ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. Balance 460,000 Retire bonds 92,000 368,000 June 30 Issue bonds 276,000 644,000 ACCOUNT Discount on Bond Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. Balance 20,700 Retire bonds 7,360 13,340 Issue bonds 18,500 June 30 31,840 Amortize discount Dec. 31 1,590 30,250 Added or Items Section of Statement of Cash Flows Amount Deducted Financing activities section Retire bonds Deducted Financing activities section Issue bonds Added Operating activities section, if indirect method used Amortization of discount Added