P13-42A Journalizing dividends and treasury stock transactions and preparing the stockholders' equity section of the balance sheet earning Nov. 8 Treasury Stock $4,000 Deerborn Manufacturing Co. completed the following transactions during 2018: Declared a cash dividend on the 6%, $103 par noncumulative preferred stock (1,050 shares outstanding). Declared a $0.20 per share dividend on the 100,000 shares of $2 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Jan. 16 Feb. 15 Paid the cash dividends. Jun. 10 Split common stock 2-for-1. Jul. 30 Declared a 30% stock dividend on the common stock. The market value of the common stock was $9 per share. Aug. 15 Distributed the stock dividend. Oct. 26 Purchased 1,000 shares of treasury stock at $8 per share. Nov. 8 Sold 500 shares of treasury stock for $10 per share. 30 Sold 300 shares of treasury stock for $4 per share.

P13-42A Journalizing dividends and treasury stock transactions and preparing the stockholders' equity section of the balance sheet earning Nov. 8 Treasury Stock $4,000 Deerborn Manufacturing Co. completed the following transactions during 2018: Declared a cash dividend on the 6%, $103 par noncumulative preferred stock (1,050 shares outstanding). Declared a $0.20 per share dividend on the 100,000 shares of $2 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Jan. 16 Feb. 15 Paid the cash dividends. Jun. 10 Split common stock 2-for-1. Jul. 30 Declared a 30% stock dividend on the common stock. The market value of the common stock was $9 per share. Aug. 15 Distributed the stock dividend. Oct. 26 Purchased 1,000 shares of treasury stock at $8 per share. Nov. 8 Sold 500 shares of treasury stock for $10 per share. 30 Sold 300 shares of treasury stock for $4 per share.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: Selected stock transactions The following selected accounts appear in the ledger of Parks...

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