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Dragonfly Corporation had the following equity accounts on December 31, 20x4: 7% cumulative, partially participating up to an additional 1%, preferred stock $100 par 20,000 shares issued and $2,000,000 outstanding Common stock $10 par 40,000 shares issued and outstanding 400,000 Paid-in capital common stock 1,000,000 Retained earnings $4,250,000 1) On February 15, 20x5 Dragonfly purchased 7,000 shares of its common stock for $40/share. It plans to either hold these shares temporarily or retire them so it decided to use the retirement method. Record the journal entry for the buy back. 2) What would have been the journal entry here if the Company had used the treasury stock cost method to record the buy back? 3) On March 25, 20x5, Dragonfly reissued half of the treasury stock at $40/share (use retirement method). Prepare the appropriate journal entry. 4) On June 25, 20x5, Dragonfly reissued the remaining share of the treasury stock for $38/share (use retirement method). Prepare the appropriate journal entry. 5) The board of directors of Dragonfly declared $600,000 in dividends toward the end of the year. There were 2 years of dividends in arrears on the preferred stock. Calculate the dividends to be received by the preferred and common stockholders.
complete the accounting information systems simulation located on the student website.write a 350-word summary
Your hospital has the following revenue for the months of July-September: July $2,000,000 August $3,000,000 September $4,000,000. If 30% of the month's revenue is collected in the same month, 40% is collected in the second month and 30% is collect..
from the e-activity predict the effects that changes in one industry could have on modifying and updating a system of
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the beginning assets were 437800 beginning liabilities were 262660 common stock issued during the year totaled 45100
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hennings travel company specializes in the production of travel items clocks personal care kits. the following data
Melcher, Inc., originally sold 100,000 shares of its $10 par value common stock at $25 per share. Several years later the company repurchased 10,000 of these shares at $55 per share. Melcher currently holds those shares in treasury. Prepare the co..
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