Reference no: EM131800047
Problem - ABC's Stockholders' Equity section most recent Balance Sheet is as follows:
2% Preferred Stock ($50-par, 5,000 shares authorized, 1,000 shares issued and outstanding) - $50,000
Common Stock ($10-par, 100,000 shares authorized, 25,000 shares issued and outstanding) - 250,000
Paid-In Capital in Excess of Par:Preferred - 70,000
Paid-In Capital in Excess of Par:Common - 275,000
Retained Earnings - 300,000
Total Stockholders' Equity - $945,000
Journalize the following selected transactions completed by ABC Corp.
(a) Declared dividends on preferred stock.
(b) Declared $0.08 dividend on the common stock.
(c) Paid the preferrd stock cash dividend.
(d) Paid the common stock cash dividend.
(e) Declared a 2% common stock dividend on the common stock outstanding. The fair market value of the common stock is estimated at $36.
(f) Issued the certificates for the common stock dividend.
(g) ABC Corp. purchased 2,000 shares of its own stock for $20 per share.