Prepare any necessary journal entries for each transactions

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Reference no: EM132280346

Question - The Mother Shucker Oyster Co. reports the following transactions and events:

1. On January 15, 2013, it issues 100,000 shares of $1 par common stock, for cash of $154,000.

2. On January 20, 2013, it issues 20,000 shares of $10 par, 9% cumulative preferred stock, for cash of $226,000.

3. On November 1, 2013, the Board of Directors of the Mother Shucker Oyster Co., declares a cash dividend of $14,000 for its shareholders, to be paid on November 30, 2013.

4. On November 30, 2013, the Board of Directors pays the cash dividend which was declared on November 1, 2013.

5. On February 1, 2014, the Board of Directors declares a 20% stock dividend for its common shareholders when the market price of the common stock was $3 per share. The stock dividend is to be effective on February 28, 2014.

6. On February 28, 2014, the Board of Directors issues the stock dividend from February 1, 2014.

7. On April 1, 2014, the Board of Directors declares a 2 for 1 stock split for its common shareholders, to be effective on April 30, 2014. The $1 par value of the common stock is appropriately reduced to $0.50 par value.

8. On April 30, 2014, the stock split which was declared by the Board of Directors on April 1, 2014, takes effect.

9. On December 28, 2014, the Board of Directors declines to declare any cash dividend for 2014.

10. On May 1, 2015, the Board of Directors declares a cash dividend of $58,000 for its shareholders, to be paid on May 31, 2015.

11. On May 31, 2015, the Board of Directors pays the cash dividend which was declared on April 1, 2015.

12. On October 1, 2015, the Board of Directors repurchased 20,000 shares of its outstanding common stock for $5 per share.

13. On November 15, 2015, the Board of Directors re-sold 6,000 shares of the common stock it had repurchased on October 1, 2015, for $7 per share.

You may assume there are no other shares of stock outstanding, and the Mother Shucker Oyster Co., had sufficient retained earnings available for these transactions.

Questions:

1. Prepare any necessary journal entries for each of the chronological transactions listed above. Make sure each journal entry is complete, including any descriptions.

2. In total (i.e., adding up 2013, 2014 and 2015), what amount of cash dividends were received by the preferred shareholders, and what amount of cash dividends were received by the common shareholders?

Reference no: EM132280346

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