Question
PLEASE SHOW ALL WORK!!!!! The stockholders' equity section of Stuffgoose Corporation's balance sheet as of December 31, 2017 is as follows: Stockholders' Equity Common stock,
| PLEASE SHOW ALL WORK!!!!! The stockholders' equity section of Stuffgoose Corporation's balance sheet as of December 31, 2017 is as follows: | ||||||||||
| Stockholders' Equity | ||||||||||
| Common stock, $6 par value; authorized, 3,000,000 shares; | ||||||||||
| issued, 600,000 shares | $3,600,000 | |||||||||
| Paid-in capital in excess of par | 940,000 | |||||||||
| Retained earnings | 5,400,000 | |||||||||
| $9,940,000 | ||||||||||
| The following events occurred during 2018: | ||||||||||
| 1 | Jan. 5 | 45,000 shares of authorized and unissued common stock were sold for $13 per share. | ||||||||
| 2 | Jan. 16 | Declared a cash dividend of 17 cents per share, payable February 15 to stock-holders of record on February 5. | ||||||||
| 3 | Feb. 10 | 60,000 shares of authorized and unissued common stock were sold for $12 per share. | ||||||||
| 4 | 1-Mar | A 30% stock dividend was declared and issued. Fair value per share is currently $18. | ||||||||
| 5 | 1-Apr | A three-for-one split was carried out. Fair value on March 31 was $18 per share. | ||||||||
| 6 | 1-Jul | A 15% stock dividend was declared and issued. Fair value is currently $10 per share. | ||||||||
| 7 | Aug. 1 | A cash dividend of 20 cents per share was declared, payable September 1 to stockholders of record on August 21. | ||||||||
| Instructions | ||||||||||
| Enter the above events into the following work sheet showing how each event affects the column. Event No. 1 will serve as an example. | ||||||||||
| Common Stock | ||||||||||
| Number of | Total | |||||||||
| Shares Issued | Par Value | Excess of Par | Retained Earnings | |||||||
| Beginning Balance1/1/18 | $600,000 | $3,000,000 | $850,000 | $ 4,500,000 | ||||||
| Event #1Jan. 5 | 45,000 | 270,000 | 315,000 | $ - | ||||||
| Balance | $645,000 | $3,270,000 | $1,185,000 | $ 4,500,000 | ||||||
|
| ||||||||||
| Event # 2Jan. 16 | ||||||||||
| Balance | ||||||||||
| Event # 3Feb. 10 | ||||||||||
| Balance | ||||||||||
| Event # 4Mar. 1 | ||||||||||
| Balance | ||||||||||
| Event # 5Apr. 1 | ||||||||||
| Balance | ||||||||||
| Event # 6Jul. 1 | ||||||||||
| Balance | ||||||||||
| Event # 7Aug. 1 | ||||||||||
| Balance | ||||||||||
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