Question
The stockholders' equity of Kinney Company at December 31, 2015, is shown below: 5% preferred stock, $100 par value, 10,000 shares authorized; 6,000 shares issued
The stockholders' equity of Kinney Company at December 31, 2015, is shown below:
5% preferred stock, $100 par value, 10,000 shares authorized; | ||
6,000 shares issued and outstanding | $600,000 | |
Common stock, $4 par value, 200,000 shares authorized; | ||
60,000 shares issued and outstanding | 240,000 | |
Paid-in capital in excess of par value-preferred stock |
55,000 | |
Paid-in capital in excess of par value-common stock | 330,000 | |
Retained earnings | 629,000 | |
Total stockholders' equity | $1,854,000 |
The following transactions, among others, occurred during 2016.
Apr. 1 Declared and issued a 100% stock dividend on all outstanding shares of common stock. The market value of the stock was $13 per share.
Dec. 7 Declared and issued a 3% stock dividend on all outstanding shares of common stock. The market value of the stock was $16 per share.
Dec. 20 Declared and paid (1) the annual cash dividend on the preferred stock and (2) a cash dividend of 80 cents per common share.
Please answer all blanks in both pictures. Thank you in advnace for your help.
12/20 Retained earnings 0 Cash 0Step by Step Solution
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