On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. $ 241,000 482,000 195,000 Common stock, $1 par, 241,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 19,500 shares outstanding Retained earnings Treasury stock, at cost, 4,100 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 20: Declared a property dividend of 100,000 shares of Burak Company (book value $11.9 per share, fair value $9.95 per share). 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. Shareholders' equity 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. Required: Without preparing journal entries, prepare the shareholders' equity section of Dolar's balance sheet as of December 31, 2024. Assume net income is $410,000 for 2024. Note: Negative amounts should be entered with a minus sign. 1,950,000 3,900,000 20,500 Dolar Incorporated Balance Sheet (Partial) December 31, 2024 Total shareholders' equity $ 0
On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. $ 241,000 482,000 195,000 Common stock, $1 par, 241,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 19,500 shares outstanding Retained earnings Treasury stock, at cost, 4,100 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 20: Declared a property dividend of 100,000 shares of Burak Company (book value $11.9 per share, fair value $9.95 per share). 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. Shareholders' equity 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. Required: Without preparing journal entries, prepare the shareholders' equity section of Dolar's balance sheet as of December 31, 2024. Assume net income is $410,000 for 2024. Note: Negative amounts should be entered with a minus sign. 1,950,000 3,900,000 20,500 Dolar Incorporated Balance Sheet (Partial) December 31, 2024 Total shareholders' equity $ 0
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...
Related questions
Question
![On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts.
$ 241,000
482,000
195,000
1,950,000
3,900,000
20,500
Common stock, $1 par, 241,000 shares issued
Paid-in capital-excess of par, common
Paid-in capital-excess of par, preferred
Preferred stock, $100 par, 19,500 shares outstanding
Retained earnings
Treasury stock, at cost, 4,100 shares
During 2024, Dolar Incorporated had several transactions relating to common stock.
January 15:
February 17:
April 10:
July 18:
December 1:
December 20:
Declared a property dividend of 100,000 shares of Burak Company (book value $11.9 per share, fair value
$9.95 per share).
Shareholders' equity
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.
Required:
Without preparing journal entries, prepare the shareholders' equity section of Dolar's balance sheet as of December 31, 2024.
Assume net income is $410,000 for 2024.
Note: Negative amounts should be entered with a minus sign.
Dolar Incorporated
Balance Sheet (Partial)
December 31, 2024
Total shareholders' equity
$
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3a93d5a7-c482-40f5-9953-1b1330fe51c2%2Fcd970b1d-a22e-4ba4-abda-0e46d2cfeb68%2F1xt9pec_processed.png&w=3840&q=75)
Transcribed Image Text:On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts.
$ 241,000
482,000
195,000
1,950,000
3,900,000
20,500
Common stock, $1 par, 241,000 shares issued
Paid-in capital-excess of par, common
Paid-in capital-excess of par, preferred
Preferred stock, $100 par, 19,500 shares outstanding
Retained earnings
Treasury stock, at cost, 4,100 shares
During 2024, Dolar Incorporated had several transactions relating to common stock.
January 15:
February 17:
April 10:
July 18:
December 1:
December 20:
Declared a property dividend of 100,000 shares of Burak Company (book value $11.9 per share, fair value
$9.95 per share).
Shareholders' equity
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.
Required:
Without preparing journal entries, prepare the shareholders' equity section of Dolar's balance sheet as of December 31, 2024.
Assume net income is $410,000 for 2024.
Note: Negative amounts should be entered with a minus sign.
Dolar Incorporated
Balance Sheet (Partial)
December 31, 2024
Total shareholders' equity
$
0
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Excel Applications for Accounting Principles](https://www.bartleby.com/isbn_cover_images/9781111581565/9781111581565_smallCoverImage.gif)
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
![Corporate Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305653535/9781305653535_smallCoverImage.gif)
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Accounting (Text Only)](https://www.bartleby.com/isbn_cover_images/9781285743615/9781285743615_smallCoverImage.gif)
Accounting (Text Only)
Accounting
ISBN:
9781285743615
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning