Reference no: EM132542407
Question - Baron Corporation was authorized by its charter to issue 80,000 shares of 12%, $100 par cumulative preferred stock and 200,000 shares of $1 par value common stock. In its first year of operations, Baron had the following transactions.
(1) Sold 50,000 shares of common stock for $300,000 on January 1.
(2) Sold 3,000 shares of preferred stock for $360,000 on January 1.
(3) Earned $185,000 for the sale of their merchandise of which $135,000 was on credit.
(4) Had expenses of $122,500 in connection with selling the merchandise. All expenses were paid in cash.
(5) Purchased 5,000 shares of outstanding common stock for $8.00 per share for the treasury.
(6) Declared a dividend of $.20 per share of common stock and for the amount due the preferred stock.
(7) Paid the required dividends.
Required -
(a) Prepare the necessary journal entries.
(b) Prepare the stockholders' equity section of the balance sheet.
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