Carlyon Company listed the following items in its December 31, 2018, financial statements: Investment in Man Company bonds $21,000 Dividends payable: preferred 4,000 Dividends payable: common 40,000 Preferred stock, 8%, $100 par 100,000 Common stock, $10 par 400,000 Additional paid-in capital on preferred stock 20,000 Additional paid-in capital on common stock 210,000 Retained earnings 270,000 During 2019, the following transactions occurred: Feb. 2 Paid the semiannual
Carlyon Company listed the following items in its December 31, 2018, financial statements: Investment in Man Company bonds $21,000 Dividends payable: preferred 4,000 Dividends payable: common 40,000 Preferred stock, 8%, $100 par 100,000 Common stock, $10 par 400,000 Additional paid-in capital on preferred stock 20,000 Additional paid-in capital on common stock 210,000 Retained earnings 270,000 During 2019, the following transactions occurred: Feb. 2 Paid the semiannual
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 19E: Lyon Company shows the following condensed income statement information for the year ended December...
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Carlyon Company listed the following items in its December 31, 2018, financial statements:
Investment in Man Company bonds | $21,000 |
Dividends payable: preferred | 4,000 |
Dividends payable: common | 40,000 |
100,000 | |
Common stock, $10 par | 400,000 |
Additional paid-in capital on preferred stock | 20,000 |
Additional paid-in capital on common stock | 210,000 |
270,000 |
During 2019, the following transactions occurred:
Feb. | 2 | Paid the semiannual dividends declared on December 15, 2018. |
Mar. | 5 | Declared a property dividend, payable to common shareholders on April 5 in Man Company bonds being held to maturity. The bonds (which have a book value of $21,000) have a current market value of $30,000. |
Apr. | 5 | Paid the property dividend. |
July | 6 | Declared a $4 per share semiannual cash dividend on preferred stock and a $1.10 per share semiannual dividend on common stock, to be paid on August 17. |
Aug. | 17 | Paid the cash dividends. |
Oct. | 15 | Declared a 2% stock dividend on common stock to be issued on December 3. The current market price is $22 per share. |
Dec. | 3 | Issued the stock dividend. |
28 | Declared a $4 and $1.20 per share semiannual cash dividend on preferred and common stock, respectively, to be paid on February 15, 2020. |
Required:
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