The stockholders' equity section of Thomas Corporation's balance sheet at December 31, 2018, appears below:

Preferred Stock, 6%, $15 stated value, 50,000 shares authorized; 10,000 issued and outstanding 150,000

Paid-in capital in excess of stated value-preferred stock 30,000

Common stock, $10 par value, 400,000 shares authorized; 250,000 issued and outstanding 2,500,000

Paid-in capital in excess of par value-common stock 1,200,000

Retained earnings 600,000

During 2019, the following stock transactions occurred:

Jan. 18 Issued 50,000 shares of common stock at $30 per share.

Apr. 20 Purchased 25,000 shares of Thomas Corporation's common stock at $24 per share.

June 15 Issued 10,000 shares of preferred stock at $20 per share.

Oct. 1 Declared the preferred stock cash dividend.

Oct. 1 Declared a $0.41 per share cash dividend to common stockholders of record on October 15.

Dec. 1 Paid both dividends declared on October 1.

Net Income for the year was $100,000.

Requirements: (a) Enter beginning balances in ledger accounts. (b) Prepare the journal entries to record the above transactions. (c) Post the entries to the ledger T-accounts. Add accounts as needed. (d) Calculate the updated Retained Earnings balance. (e) Prepare the 2019 stockholders' equity section of the Balance Sheet for Thomas Corporation.

Note: (a) & (c) Ledger T-accounts in separate document

(a & c)

Preferred Stock

Paid-in capital in excess of Par Value - Preferred Stock

Common Stock

Paid-in capital in excess of Stated Value - Common Stock

Retained Earnings

e) Thomas Corporation

Balance Sheet (partial)

December 31, 2019

Stockholders' equity

Preferred stock, ___ %, $___ stated value, ________ shares _________ ______________

authorized, ________ shares issued and ___________

Paid-In Capital in excess of stated value preferred _________

Common stock, $___ par value, ________ shares

authorized, __________ shares issued, and _________ shares outstanding _________

Paid-In Capital in excess of par value - common _________

Total ____________ _________

Treasury stock (_______ shares) __ ______

Total _______________ $_________

Extra Credit: State one right of a common stockholder.

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