Will Martino 5. Stockholders' Equity (9pts): Planet Express, Inc. reported the following information in the equity section of their balance sheet at December 31, 2017: $20,000 Stockholders' Equity: Common stock, $0.25 par (1,000,000 shares authorized; 80,000 shares issued and outstanding) Additional paid-in capital Retained earnings Total equity: $1,043,505 $127,032 $1.190.537 During 2018, Planet Express completed these transactions that affected stockholders' equity: Date: Transaction: 2/28 Issued 9,000 shares of Common Stock for $16 per share. 4/19 Declared a cash dividend of $0.15 per common share, payable to all stockholders of record on May 13th, 2018. 6/10 Paid the cash dividend. 6/30 Reacquired 3,400 shares of Common Stock as Treasury Stock, paying $17 per share. 11/16 Issued 5,600 shares of Common Stock for $19 per share. PART A (0.5pts): Calculate the number of shares of Common Stock that would be outstanding as of the Date of Record, May 13th, 2018. Show all calculations. PART B (0.5pts): Calculate the number of shares of Common Stock that would be outstanding as of December 31, 2018. Show all calculations. PART C (4pts): Record all the journal entries for Planet Express's transactions listed above. Make sure to use proper formatting, include the date of each transaction, and a brief description of each. PART D (4pts): Taking into account all of the information and all of the transactions above, prepare: 1) 3pts - The Statement of Stockholders' Equity for Planet Express for the period ended December 31, 2018. Assume net income for 2018 was $81,930. 2) 1pt - The equity section of the Balance Sheet for Planet Express as of December 31, 2018. Will Martino 5. Stockholders' Equity (9pts): Planet Express, Inc. reported the following information in the equity section of their balance sheet at December 31, 2017: $20,000 Stockholders' Equity: Common stock, $0.25 par (1,000,000 shares authorized; 80,000 shares issued and outstanding) Additional paid-in capital Retained earnings Total equity: $1,043,505 $127,032 $1.190.537 During 2018, Planet Express completed these transactions that affected stockholders' equity: Date: Transaction: 2/28 Issued 9,000 shares of Common Stock for $16 per share. 4/19 Declared a cash dividend of $0.15 per common share, payable to all stockholders of record on May 13th, 2018. 6/10 Paid the cash dividend. 6/30 Reacquired 3,400 shares of Common Stock as Treasury Stock, paying $17 per share. 11/16 Issued 5,600 shares of Common Stock for $19 per share. PART A (0.5pts): Calculate the number of shares of Common Stock that would be outstanding as of the Date of Record, May 13th, 2018. Show all calculations. PART B (0.5pts): Calculate the number of shares of Common Stock that would be outstanding as of December 31, 2018. Show all calculations. PART C (4pts): Record all the journal entries for Planet Express's transactions listed above. Make sure to use proper formatting, include the date of each transaction, and a brief description of each. PART D (4pts): Taking into account all of the information and all of the transactions above, prepare: 1) 3pts - The Statement of Stockholders' Equity for Planet Express for the period ended December 31, 2018. Assume net income for 2018 was $81,930. 2) 1pt - The equity section of the Balance Sheet for Planet Express as of December 31, 2018
