Reference no: EM131598788
Q1. Troutman Corporation has 7,450 shares of common stock outstanding. It declares a $3 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31.
Required - Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend.
Q2. Troutman Corporation has 7,450 shares of common stock outstanding. It declares a $3 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31.
Required - Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend.
Q3. Fagan Co. had these transactions during the current period.
June 12 Issued 81,000 shares of $1 par value common stock for cash of $303,750.
July 11 Issued 2,820 shares of $104 par value preferred stock for cash at $112 per share.
Nov. 28 Purchased 1,270 shares of treasury stock for $7,710.
Required - Prepare the journal entries for the Fagan Co. transactions shown above.
Q4. The stockholders' equity section of Leyland Corporation's balance sheet at December 31 is presented here.
LEYLAND CORPORATION Balance Sheet (partial)
Stockholders' equity Paid-in capital Preferred stock, cumulative, 8,667 shares authorized, 5,200 shares issued and outstanding$ 535,600
Common stock, no par, 713,922 shares authorized, 552,100 shares issued1,656,300
Total paid-in capital2,191,900
Retained earnings1,192,100
Total paid-in capital and retained earnings3,384,000
Less: Treasury stock (5,940 common shares)(31,680)
Total stockholders' equity$3,352,320
From a review of the stockholders' equity section, answer the following questions.
Required - How many shares of common stock are outstanding?