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On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 244,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 18,000 shares outstanding Retained earnings Treasury stock, at cost, 4,400 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: $ 244,000 488,000 180,000 1,800,000 3,600,000 22,000 Declared a property dividend of 100,000 shares of Burak Company (book value $11.6 per share, fair value $9.80 per share). February 17: April 10: July 18: December 1: December 20: Required: Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share. Declared a 50 cents per share cash dividend on the outstanding common shares. Paid the cash dividend. Without preparing journal entries, prepare the shareholders' equity section of Dolar's balance sheet as of December 31, 2024. Assume net income is $440,000 for 2024. Note: Negative amounts should be entered with a minus sign. Dolar Incorporated Balance Sheet (Partial) December 31, 2024 Shareholders' equity Total shareholders' equity $ 0

On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 244,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 18,000 shares outstanding Retained earnings Treasury stock, at cost, 4,400 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: $ 244,000 488,000 180,000 1,800,000 3,600,000 22,000 Declared a property dividend of 100,000 shares of Burak Company (book value $11.6 per share, fair value $9.80 per share). February 17: April 10: July 18: December 1: December 20: Required: Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share. Declared a 50 cents per share cash dividend on the outstanding common shares. Paid the cash dividend. Without preparing journal entries, prepare the shareholders' equity section of Dolar's balance sheet as of December 31, 2024. Assume net income is $440,000 for 2024. Note: Negative amounts should be entered with a minus sign. Dolar Incorporated Balance Sheet (Partial) December 31, 2024 Shareholders' equity Total shareholders' equity $ 0

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...
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On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 244,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 18,000 shares outstanding Retained earnings Treasury stock, at cost, 4,400 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: $ 244,000 488,000 180,000 1,800,000 3,600,000 22,000 Declared a property dividend of 100,000 shares of Burak Company (book value $11.6 per share, fair value $9.80 per share). February 17: April 10: July 18: December 1: December 20: Required: Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share. Declared a 50 cents per share cash dividend on the outstanding common shares. Paid the cash dividend. Without preparing journal entries, prepare the shareholders' equity section of Dolar's balance sheet as of December 31, 2024. Assume net income is $440,000 for 2024. Note: Negative amounts should be entered with a minus sign. Dolar Incorporated Balance Sheet (Partial) December 31, 2024 Shareholders' equity Total shareholders' equity $ 0
Transcribed Image Text:On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 244,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 18,000 shares outstanding Retained earnings Treasury stock, at cost, 4,400 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: $ 244,000 488,000 180,000 1,800,000 3,600,000 22,000 Declared a property dividend of 100,000 shares of Burak Company (book value $11.6 per share, fair value $9.80 per share). February 17: April 10: July 18: December 1: December 20: Required: Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share. Declared a 50 cents per share cash dividend on the outstanding common shares. Paid the cash dividend. Without preparing journal entries, prepare the shareholders' equity section of Dolar's balance sheet as of December 31, 2024. Assume net income is $440,000 for 2024. Note: Negative amounts should be entered with a minus sign. Dolar Incorporated Balance Sheet (Partial) December 31, 2024 Shareholders' equity Total shareholders' equity $ 0
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