Jupiter corporation had the following shares outstanding at December 31, 2018: Ordinary shares, par P80 – 320,000; 6% preference shares, par P80 – 160,000. Accumulated profits for dividend distribution amounted to P64,400. No dividends were declared for 2016 and 2017. If the preference share capital is cumulative and fully participating, what is the dividends per share of the preference share?
Q: Jupiter corporation had the following shares outstanding at December 31, 2018: Ordinary shares, par…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…
Q: The shareholders’ equity of Kramer Industries includes the data shown below. During 2017, cash…
A: Stock dividends: Stock dividends are the number of shares issued by a company to the existing…
Q: At December 31, 2017, ABC Co. had 5,000, 8%, $120 par, preference shares issued and outstanding and…
A: Dividend means the amount given to shareholder of the company as profit distribution by company.…
Q: Andrea Company reported the following shareholder's equity at the beginning of 2017: Preference…
A: Answer 1) Calculation of Share Premium arising from retirement of Preference Shares Share Premium…
Q: During 2021, CAPTAIN AMERICA Company had two classes of shares issued and outstanding for the entire…
A: Basic Earnings Per share = Earnings Available for Ordinary Share holders/Number of Ordinary Shares…
Q: At December 31,2018 and 2019, TJH Company had outstanding 4,000 shares of P 100 par value, 12%…
A: Preference shares are the investment securities which get fixed return in the form of dividends and…
Q: The shareholders’ equity of Kramer Industries includes the data shown below. During 2022, cash…
A: The cumulative preference stocks represent those stocks that contain the benefit of accumulating the…
Q: JKL Corp. reported the following amounts in the shareholders' equity section of its December 31,…
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…
Q: On November 30, 2016, Div-Corp declared a total dividend of $4,100,000 to preferred and common…
A: The dividend to preference shareholders is paid in before the dividend paid to the common…
Q: On December 31, 2021, EOS Co.'s shareholders' equity consisted of the following: 8%, cumulative…
A: Preference Share: - A share that entities the holder to a fixed dividend, whose payment takes…
Q: On December 31, 2017, Crane, Inc. has 3800 shares of 6% $100 par value cumulative preferred stock…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…
Q: ABC has the following share capital outstanding during 2021 and 2022: Preference shares, P100 par,…
A: Cumulative Preference shares are one of the type preference shares. These shares carry preference…
Q: Giraffe Resorts and Hospitality had 20,000 preferred shares and 40,000 common shares outstanding on…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Annual Dividend per…
Q: The data below are from the December 31, 2017, balance sheet of CAREBEAR CO Common stock, P10 par…
A: No. of common stock = Common stock value / Par value per share = P500,000 / P10 = 50,000 shares
Q: On December 31, 2017, Zero Co. showed the following shareholders' equity: Share capital, P100 par,…
A: The dividend is declared from the retained earnings of the business. The dividend is paid only for…
Q: Wow Inc., has 20,000 shares of 8%, $30 par value preference shares and 120,000 of ordinary shares…
A: a)working particulars Number of shares Pv value Interest % Year 2017 Year…
Q: As of 2017, Buttle Corp. has $10 par, 2% preferred stock, 13,000 shares outstanding, and $1 par…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…
Q: 1. What is the amount debited to accumulated profits as a result of the declaration of the 10% stock…
A: Dividend is the amount which the company gives to its shareholders out from the profits earned by…
Q: The following is information related to the shares of the JFC Company at the beginning of 2018…
A: Dividend distribution is a method of distributing profit among the stockholder of the organization.…
Q: The shareholders' equity of Janet Corporation at the end of 2018 and 2017. are as follows: 12%…
A: Number of preference shares as on 31st December 2018 = P1,000,000P100 = 10,000 shares Number of…
Q: Ace Company stockholder’s equity at the end of 2015 is shown in the table below. Preference share…
A: No. of ordinary shares issued = Ordinary share capital / stated value per share No. of ordinary…
Q: At December 31, 2017, Albrecht Corporation had outstanding 373,000 shares of common stock and 8,000…
A:
Q: Jay-ar Corp. issued 20,000 shares of P5 par common stock at P10 per share. On December 31, 2017,…
A: when we prepare the balance sheet of the company then generally there are two category equity and…
Q: Hatch company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common.…
A: Stockholder’s equity is the remaining assets after the settlement of all the liabilities.
Q: The Jardiolin Corporation had the following shares outstanding from 2017 through 2020: Preference…
A: On the basis of arrears of dividend, there are two types of preference shares, cumulative preference…
Q: he ABC's statement of financial position shows total shareholders’ equity of P3,150,000 as of…
A: Book value per share = Balance of Stockholders Equity/ Number of shares of common stock outstanding…
Q: At December 31, 2016, ABC Co. had 5,000, 8%, $120 par, preference shares issued and outstanding and…
A: Dividend is a kind of return paid to the shareholders.
Q: 4. ABC Company had the following classes of shares outstanding as of December 31, 2020: Ordinary…
A: Cumulative preference share holders are are those shareholders having right of of previous dividend…
Q: Walker Ltd. had the following share transactions in 2021: Event Shares Opening balance, common…
A: The weighted average number of common shares outstanding is calculated on the basis of the duration…
Q: At December 31, 2016, ABC Co. had 5,000, 8%, $120 par, preference shares issued and outstanding and…
A: Cumulative preference shares are the shares having preferential rights attached to it. This means…
Q: At December 31,2018 and 2019, ABC Company had outstanding 4,000 shares of P 100 par value, 12%…
A: Formula: Preferred dividend = Total preferred shares x PAR value x Rate of preferred shares.
Q: Jupiter corporation had the following shares outstanding at December 31, 2018: Ordinary shares, par…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…
Q: What are the amounts of dividends payable on both the ordinary and preference shares?
A: Preference dividends shall be paid before paying any dividend to common stockholders. Further, if…
Q: Shamrock Corporation has 9,400 shares of $100 par value, 8%, preferred stock and 48,400 shares of…
A: For cumulative preferred stocks, the preferred dividend keeps on cumulating for all the periods for…
Q: Ace Company stockholder’s equity at the end of 2015 is shown in the table below. Preference share…
A: No. of ordinary shares issued = Ordinary share capital / stated value per share No. of ordinary…
Q: Hound, Inc. has the following stock issued as of December 2015: 7% Preferred…
A: Preference shareholders are those shareholders who have preference in payment of dividends and…
Q: Manner, Inc. has 5,000 shares of 6%, $100 par value, noncumulative preferred stock and 20,000 shares…
A: Computation of the dividend received by common stockholders in 2018 is as follows :
Q: The capital accounts of Kay, Inc. on December 31, 2015 were as follows: Preference Share Capital,…
A: The shareholders' equity section represents the equity that belongs to the shareholders including…
Q: An entity reported the following shareholders equity on January 1,2017 Share capital, 300,000…
A: Amount debited to retained earnings for stock dividend = (No. of shares outstanding - treasury…
Q: On January 1, 2017, an entity reported the following shareholders' equity Share capital, 100,000…
A: No. of shares issued under stock dividend = No. of shares outstanding x 10% = 50,000 shares x 10% =…
Q: Weisberg Corporation has 10,000 shares of $100 par value, 6%, preference shares and 50,000 ordinary…
A: a.
Q: At December 31,2018 and 2019, ABC Company had outstanding 4,000 shares of P 100 par value, 12%…
A: Cumulative preference shares are those shares on which dividend amount is accumulated till the time…
Q: Tower Corp. had the following stock outstanding and Retained Earnings at December 31, 2018: $…
A: Following is the computation of amount of dividends and dividend per share in 2018:
Q: Whispering Corporation has 8,700 shares of $100 par value, 9%, preferred stock and 48,300 shares of…
A: Formula: Preferred dividend = Preferred shares x PAR value x Preferred rate
Q: On December 31, 2021, EOS Co.'s shareholders' equity consisted of the following: 8%, cumulative…
A: Book value of preference share Where any interest or dividend is remained to be distributed for any…
Q: During 2016, Moore Corp. had the following two classes of stock issued and outstanding for the…
A: Answer: Option c.
Q: Jupiter corporation had the following shares outstanding at December 31. 2018: Ordinary shares, par…
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…
Q: book value of each ordinary
A: Book value of each ordinary share = [Total Shareholders' Equity - (Preference share capital +…
Q: For the year ended 31 December 2009, Dim-Cool Utility Company had net income of $1,750,000. Th e…
A: The company would be checking the earnings per share during the year. It is being checked for the…
Jupiter corporation had the following shares outstanding at December 31, 2018: Ordinary shares, par P80 – 320,000; 6% preference shares, par P80 – 160,000.
Step by step
Solved in 3 steps
- Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative, 100 par, convertible Paid-in capital in excess of par value on preferred stock Common stock, 1 stated value Paid-in capital in excess of stated value on common stock| Retained earnings The following additional information about Raun was available for the year ended December 31, 2019: 1. There were 2 million shares of preferred stock authorized, of which 1 million were outstanding. All 1 million shares outstanding were issued on January 2, 2016, for 120 a share. The preferred stock is convertible into common stock on a 1-for-1 basis until December 31, 2025; thereafter, the preferred stock ceases to be convertible and is callable at par value by the company. No preferred stock has been converted into common stock, and there were no dividends in arrears at December 31, 2019. 2. The common stock has been issued at amounts above stated value per share since incorporation in 2002. Of the 5 million shares authorized, 3,580,000 were outstanding at January 1, 2019. The market price of the outstanding common stock has increased slowly but consistently for the last 5 years. 3. Raun has an employee share option plan where certain key employees and officers may purchase shares of common stock at 100% of the marker price at the date of the option grant. All options are exercisable in installments of one-third each year, commencing 1 year after the date of the grant, and expire if not exercised within 4 years of the grant date. On January 1, 2019, options for 70,000 shares were outstanding at prices ranging from 47 to 83 a share. Options for 20,000 shares were exercised at 47 to 79 a share during 2019. During 2019, no options expired and additional options for 15,000 shares were granted at 86 a share. The 65,000 options outstanding at December 31, 2019, were exercisable at 54 to 86 a share; of these, 30,000 were exercisable at that date at prices ranging from 54 to 79 a share. 4. Raun also has an employee share purchase plan whereby the company pays one-half and the employee pays one-half of the market price of the stock at the date of the subscription. During 2019, employees subscribed to 60,000 shares at an average price of 87 a share. All 60,000 shares were paid for and issued late in September 2019. 5. On December 31, 2019, there was a total of 355,000 shares of common stock set aside for the granting of future share options and for future purchases under the employee share purchase plan. The only changes in the shareholders equity for 2019 were those described previously, the 2019 net income, and the cash dividends paid. Required: Prepare the shareholders equity section of Rauns balance sheet at December 31, 2019. Substitute, where appropriate, Xs for unknown dollar amounts. Use good form and provide full disclosure. Write appropriate notes as they should appear in the publisher financial statements.Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 0 par common stock at 0, receiving cash. b. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 375. The bonds are classified as a held- to-maturitv long-term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0.60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 545, including commission. p. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method, q. Accrued interest for three months on the Dream Inc. bonds purchased in (1). r. Pinkberry Co. recorded total earnings of 240,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39.02 per share on December 31, 2016. The investment is adjusted to fair value, using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments had a beginning balance of zero. Instructions Journalize the selected transactions. After all of the transactions for the year ended December 31, 2016, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step income statement for the year ended December 31, 2016, concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. (Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 2016. c. Prepare a balance sheet in report form as of December 31, 2016. Income statement data: Advertising expense 150,000 Cost of merchandise sold 3,700,000 Delivery expense 30,000 Depreciation expense -office buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Dividend revenue 4,500 Gain on sale of investment 4,980 Income from Pinkberry Co. investment 76,800 Income tax expense 140,500 Interest expense 21,000 Interest revenue 2,720 Miscellaneous administrative expense 7.500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,254,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Available for sale investments (at cost) 260,130 Bonds payable. 5%. due 2024 500,000 Cash 246,000 Common stock, 20 par (400,000 shares authorized; 100,000 shares issued. 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 500,000 Income tax payable 44,000 Interest receivable 1,125 Investment in Pinkberry Co. stock (equity method) 1,009,300 Investment in Dream Inc. bonds (long term) 90,000 Merchandise inventory [December 31, 2016). at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4.320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over parcommon stock 886,800 Excess of issue price over parpreferred stock 150,000 Preferred 5% stock. 80 par (30,000 shares authorized; 20,000 shares issued] 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 2016 9,319,725 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of 33 per share) 178,200 Unrealized gain (loss) on available for sale investments (6,500) Valuation allowance for available for sale investments (6,500)
- Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 375. The bonds are classified as a heldtomaturity long-term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0.60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method. q. Accrued interest for three months on the Dream Inc. bonds purchased in (l). r. Pinkberry Co. recorded total earnings of 240,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39.02 per share on December 31, 2016. The investment is adjusted to fair value, using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments had a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transactions for the year ended December 31, 2016, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step income statement for the year ended December 31, 2016, concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. (Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 2016. c. Prepare a balance sheet in report form as of December 31, 2016.On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?
- Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. Open the file STOCKEQ from the website for this book at cengagebrain.com. Enter the formulas in the appropriate cells on the worksheet. Then fill in the columns to show the effect of each of the selected transactions and events listed earlier. Enter your name in cell A1. Save the completed worksheet as STOCKEQ2. Print the worksheet. Also print your formulas. Check figure: Total stockholders equity balance at 12/31/12 (cell G21). 398,800.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. In the space provided below, prepare the stockholders equity section of Chen Corporations balance sheet as of December 31, 2012. Use proper headings and provide full disclosure of all appropriate information. Chens corporate charter authorizes the issuance of 1,000 shares of preferred stock and 100,000 shares of common stock.Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.
- Cash dividends on the 10 par value common stock of Garrett Company were as follows: The 4th-quarter cash dividend was declared on December 21, 2019, to shareholders of record on December 31, 2019. Payment of the 4th-quarter cash dividend was made on January 18, 2020. In addition, Garrett declared a 5% stock dividend on its 10 par value common stock on December 3, 2019, when there were 300,000 shares issued and outstanding and the market value of the common stock was 20 per share. The shares were issued on December 24, 2019. What was the effect on Garretts shareholders equity accounts as a result of the preceding transactions?The following selected transactions and events occurred during 2013: a. Issued 200 shares of preferred stock for 20,000. b. Sold 800 shares of treasury stock for 2,800. c. Declared and issued a 4% common stock dividend. The market value on the date of declaration was 5 per share. d. Generated a net loss for the year of 16,000. e. Declared and paid the full years dividend on all the preferred stock and a dividend of 15 per share on common stock outstanding at the end of the year. Enter beginning balances for 2013 on STOCKEQ2. Then erase all 2012 entries and enter the transactions for 2013. Save the results as STOCKEQ4. Print the results.Treasury Stock, Cost Method Bush-Caine Company reported the following data on its December 31, 2018, balance sheet: The following transactions were reported by the company during 2019: 1. Reacquired 200 shares of its preferred stock at 57 per share. 2. Reacquired 500 shares of its common stock at 16 per share. 3. Sold 100 shares of preferred treasury stock at 58 per share. 4. Sold 200 shares of common treasury stock at 17 per share. 5. Sold 100 shares of common treasury stock at 9 per share. 6. Retired the shares of common stock remaining in the treasury. The company maintains separate treasury stock accounts and related additional paid-in capital accounts for each class of stock. Required: 1. Prepare the journal entries required to record the treasury stock transactions using the cost method. 2. Assuming the company earned a net income in 2019 of 30.000 and declared and paid dividends of 10,000, prepare the shareholders equity section of its balance sheet at December 31, 2019.
