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This is a question from accounting 202 of corporation. Please show all the work. Thank you for your help! The following is the Shareholders Equity
This is a question from accounting 202 of corporation. Please show all the work. Thank you for your help!
The following is the Shareholders Equity section of the Billy BOB Corporation atDecember 31 , 2017 :1Preferred Stock , 10% annual dividend , $40 par , 100 , 000shares authorized , 7 , 000 shares issued & outstanding ......... .280 , 000Common Stock , $5 par , 750, 000 shares authorized ,1 12, 000 issued & outstanding ......560, 000Paid - In Capital in excess of par on preferred .70 , 000Paid - In Capital in excess of par on common .....210 , 000Retained Earnings ..........."1 , 280 , 000January 20 , 2018Billy BOB Corp issued 38, 000 shares of common stockfor $ 456, 000 cash .February 5 , 2018The price of common stock has increased 25 % since theJanuary 20 , 2015 sale . Billy BOB Corp . declared a 10% commonstock dividend to shareholders of record February 10th , payableFebruary 18 th .February 28 , 2018Billy BOB Corp buys back 13 , 200 of its own common shares at anaverage price of $18 cash per share .March 4 , 2018Billy BOB Corp . declared a cash dividend on common stock of25 cents per share to shareholders of record March 10th , payableMarch 28 th . In addition , preferred dividends are declared and paidfor the quarter .Required :1 .Journalize the above transactions omitting explanations .2 .Prepare a Shareholders Equity section of the Billy BOB Corporation at March 31 ,2018 , assuming the net income for January , February , and March is $82, 000 .Step by Step Solution
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