Reference no: EM132251686

Questions -

Q1) On January 1, 2016, Alpha Corporation had 300,000 shares of common stock outstanding with a par value of $3 per share. On March 31, Alpha Corporation declared a 10% stock dividend when the market value was $8 per share. Use this information to prepare the General Journal entry (without explanation) for March 31.

Q2) On December 31, 2015, Alpha Corporation has outstanding 1,000 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 20,000 shares of $10 par value common stock. No dividends were paid in 2015. During 2016, Alpha distributed $40,000 in dividends. Use this information to determine for the 2016 the dollar amount of dividends that will be distributed to:

1. Preferred Stock

2. Common Stock

Q3) The following are selected accounts for the Alpha Dog Company after all Fiscal Year December 31, 2016, adjusting entries & closing entries have been posted. All balances are normal.

Account Amount

Common Stock, $5 par $150,000

Treasury Stock, at cost $10 per share 20,000

Dividends Payable 5,000

Paid in Capital in excess of par, Common Stock 30,000

Paid in Capital in excess of par, Preferred Stock 3,500

Retained Earnings 140,000

Bonds Payable 75,000

Preferred Stock, $100 par, 5% cumulative 35,000

On December 31, 2016, Common Stock was authorized 50,000 shares and Preferred Stock was authorized 5,000 shares. Prepare the Stockholder's Equity section of the Classified Balance Sheet for the year end. There are a few extra lines in the formatted input answer form to allow for acceptable balance sheet format variations.

Q4) On January 2, 2016, Alpha Corporation procured new equipment with an issue of 5,000 shares of $4.00 par value common stock. The equipment had an MSRP of $65,000. Alpha's stock was trading on the open market for $9.75 per share on January 2nd. Use this information to prepare the General Journal entry (without explanation) for the January 2 entry.