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Required information [The following information applies to the questions displayed below.] Brice Co. completed the following transactions in Year 1 , the first year of
Required information [The following information applies to the questions displayed below.] Brice Co. completed the following transactions in Year 1 , the first year of operation. 1. Issued 59,000 shares of no-par common stock for $10 per share. 2. Issued 9.900 shares of $20 par, 6 percent, preferred stock for $20 per share. 3. Paid a cash dividend of $11,880 to preferred shareholders. 4. Issued a 10 percent stock dividend on no-par common stock. The market value at the dividend declaration date was $12 per share. 5. Later that year, issued a 2 -for-1 split on the shares of outstanding common stock. The market price of the stock at that time was $50 per share. 6. Produced $190,000 of cash revenues and incurred $91,000 of cash operating expenses. 7. Closed the revenue, expense, and dividend accounts to retained earnings. a. Record each of these events in a horizontal statements model like the following one. (Enter amounts to be deducted and cash outflows with a minus sign. In the Statement of Cash Flows column, indicate whether the item is an operating a sthibu inal imusetina activitv (IA), or financing activity (FA), Not all cells require input.)
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