Required information [The following information applies to the questions displayed below.] Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 $10,920,000 $10,920,000 Paid-in capital: Preferred stock, $140 par value, 6%, cumulative, 100,000 shares authorized, 78,000 shares issued and outstanding Common stock, $8 par value, 600,000 shares authorized, 440,000 and 420,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 19,000 shares and 18,000 shares, respectively Total stockholders' equity ? 14,690,000 12,090,000 3,360,000 14, 180,000 11,814,000 (1,748,000) ? (1,728,000) $38,546,000 Required: a. Calculate the amount that should be shown on the balance sheet for common stock at May 31, 2019. Common stock This innumericall onlooco Required information (The following information applies to the questions displayed below.) Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 $10,920,000 $10,920,000 Paid-in capital: Preferred stock, $140 par value, 6%, cumulative, 100,000 shares authorized, 78,000 shares issued and outstanding Common stock, $8 par value, 600,000 shares authorized, 440,000 and 420,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 19,000 shares and 18,000 shares, respectively Total stockholders' equity ? 14,690,000 12,090,000 3,360,000 14, 180,000 11,814,000 (1,748,000) $ ? (1,728,000) $38,546,000 b. The only transaction affecting additional paid-in capital during the month of May was the sale of additional common stock. At what price per share were the additional shares sold? (Round your answer to 2 decimal places.) Price per share Required information [The following information applies to the questions displayed below.) Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 $10,920,000 $10,920,000 Paid-in capital: Preferred stock, $140 par value, 6%, cumulative, 100,000 shares authorized, 78,000 shares issued and outstanding Common stock, $8 par value, 600,000 shares authorized, 440,000 and 420,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 19,000 shares and 18,000 shares, respectively Total stockholders' equity ? 14,690,000 12,090,000 3,360,000 14, 180,000 11,814,000 (1,748,000) $ ? (1,728,000) $38,546,000 c. What was the average cost per share of the common stock purchased for the treasury during the month? Cost per share Required information (The following information applies to the questions displayed below.) Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 $10,920,000 $10,920,000 Paid-in capital: Preferred stock, $140 par value, 6%, cumulative, 100,000 shares authorized, 78,000 shares issued and outstanding Common stock, $8 par value, 600,000 shares authorized, 440,000 and 420,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 19,000 shares and 18,000 shares, respectively Total stockholders' equity ? 14,690,000 12,090,000 3,360,000 14,180,000 11,814,000 (1,748,000) ? (1,728,000) $38,546,000 d. During May, dividends on preferred stock equal to one-half of the 2019 dividend requirement were declared and paid. There were no common dividends declared or paid in May. Calculate net income for May. Net income ! Required information (The following information applies to the questions displayed below.) Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 $10,920,000 $10,920,000 Paid-in capital: Preferred stock, $140 par value, 6%, cumulative, 100,000 shares authorized, 78,000 shares issued and outstanding Common stock, $8 par value, 600,000 shares authorized, 440,000 and 420,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 19,000 shares and 18,000 shares, respectively Total stockholders' equity ? 14,690,000 12,090,000 3,360,000 14,180,000 11,814,000 (1,728,000) $38,546,000 (1,748,000) $ ? Assume that on June 1 the board of directors declared a cash dividend of $0.25 per share on the outstanding shares of common stock. The dividend will be payable on July 15 to stockholders of record on June 15. e-1. Calculate the total amount of the dividend. Total cash dividend e-2. Assume that on June 1 the board of directors declared a cash dividend of $0.25 per share on the outstanding shares of common stock. The dividend will be payable on July 15 to stockholders of record on June 15. Identify the impact this action will have on the June 30 balance sheet and on the income statement for June. (Select all that apply.) Check All That Apply The June 30, 2019, balance sheet will reflect a reduction in retained earnings and an increase in dividends payable for the same amount. The June 30, 2019, balance sheet will reflect a reduction in dividends payable and an increase in retained earnings for the same amount. Dividends declared have no effect on the income statement. Dividends declared will result in a reduction of net profit. Required information [The following information applies to the questions displayed below.] Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 $10,920,000 $10,920,000 Paid-in capital: Preferred stock, $140 par value, 6%, cumulative, 100,000 shares authorized, 78,000 shares issued and outstanding Common stock, $8 par value, 600,000 shares authorized, 440,000 and 420,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 19,000 shares and 18,000 shares, respectively Total stockholders' equity ? 14,690,000 12,090,000 3,360,000 14, 180,000 11,814,000 (1,748,000) $ ? (1,728,000) $38,546,000 Assume that on June 1 the market value of the common stock was $40 per share and that the board of directors declared a 5% k dividend on the issued shares of common stock. Use the horizontal model to show the issuance of the stock dividend. Indicate financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Balance Sheet Liabilities Assets + Stockholders' Equity Net Income E Reve = + = + - E Required information (The following information applies to the questions displayed below.) Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 $10,920,000 $10,920,000 Paid-in capital: Preferred stock, $140 par value, 6%, cumulative, 100,000 shares authorized, 78,000 shares issued and outstanding Common stock, $8 par value, 600,000 shares authorized, 440,000 and 420,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 19,000 shares and 18,000 shares, respectively Total stockholders' equity ? 14,690,000 12,090,000 (1,748,000) $ ? 3,360,000 14, 180,000 11,814,000 (1,728,000) $38,546,000 . Assume that on June 1 the market value of the common stock was $40 per share and that the board of directors declared a 5% ock dividend on the issued shares of common stock. Prepare journal entry to show the issuance of the stock dividend. (If no entry is quired for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the declaration of 5% stock dividend. Required information [The following information applies to the questions displayed below.) Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 $10,920,000 $10,920,000 Paid-in capital: Preferred stock, $140 par value, 6%, cumulative, 100,000 shares authorized, 78,000 shares issued and outstanding Common stock, $8 par value, 600,000 shares authorized, 440,000 and 420,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 19,000 shares and 18,000 shares, respectively Total stockholders' equity 3,360,000 14, 180,000 11,814,000 14,690,000 12,090,000 (1,748,000) ? (1,728,000) $38,546,000 g. Assume that instead of the stock dividend described in f, the board of directors authorized a 2-for-1 stock split on June 1 when the market price of the common stock was $40 per share. 1. What will be the par value, and how many shares of common stock will be authorized after the split? Par value Number of shares