Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The stockholders' equity section of Benton Corporation's balance sheet as of December 31, 2014 is as follows: Stockholders' Equity Common stock, $5 par value; authorized,

The stockholders' equity section of Benton Corporation's balance sheet as of December 31, 2014 is as follows:

Stockholders' Equity

Common stock, $5 par value; authorized, 1,500,000 shares; issued, 300,000 shares

$1,500,000

Paid-in capital in excess of par

840,000

Retained earnings

3,060,000

$5,400,000

The following events occurred during 2015:

1.

Jan. 5

32,000 shares of authorized and unissued common stock were sold for $8 per share.

2.

Jan. 16

Declared a cash dividend of 20 cents per share, payable February 15 to stock-holders of record on February 5.

3.

Feb. 10

40,000 shares of authorized and unissued common stock were sold for $13 per share.

4.

March 1

A 30% stock dividend was declared and issued. Fair value per share is currently $15.

5.

April 1

A two-for-one split was carried out. The par value of the stock was to be reduced to $2.50 per share. Fair value on March 31 was $18 per share.

6.

July 1

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.

Enter the above events into the following work sheet showing how each event affects the column

Please include all solutions and values so I can figure out what I am doing wrong. Thank you soo much, I will be sure to rate you :)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Anti Money Laundering Governance Risk Management And Compliance GRC Book 4

Authors: Uwem Essia, Kester Ehiwario

1st Edition

B0BBXZ6GKR, 979-8848908473

More Books

Students also viewed these Accounting questions

Question

2. Use a point system or model papers when grading essays.

Answered: 1 week ago