The following accounts and their balances were selected from the adjusted trial balance of Block Ayala Group Inc., a freight forwarder, at October 31, the end of the current fiscal year: Common Stock, no par, $14 stated value $980,000 Paid-In Capital from Sale of Treasury Stock 551,400 Paid-In Capital in Excess of Par-Preferred Stock 135,360 Paid-In Capital in Excess of Stated Value-Common Stock 2,352,000 Preferred 2% Stock, $120 par 1,128,000 Retained Earnings 6,794,000 Prepare the Paid-In Capital portion of the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. There are 220,000 shares of common stock authorized and 25,000 shares of preferred stock authorized. Block Ayala Group Inc., Stockholders' Equity October 31 Paid-In Capital: Common Stock x Excess Over Par v Paid-In Capital, Preferred Stock From Sale of Treasury Stock x Retained Earnings x_ Cash X_ From Sale of Treasury Stock v Total Paid-In Capital

The following accounts and their balances were selected from the adjusted trial balance of Block Ayala Group Inc., a freight forwarder, at October 31, the end of the current fiscal year: Common Stock, no par, $14 stated value $980,000 Paid-In Capital from Sale of Treasury Stock 551,400 Paid-In Capital in Excess of Par-Preferred Stock 135,360 Paid-In Capital in Excess of Stated Value-Common Stock 2,352,000 Preferred 2% Stock, $120 par 1,128,000 Retained Earnings 6,794,000 Prepare the Paid-In Capital portion of the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. There are 220,000 shares of common stock authorized and 25,000 shares of preferred stock authorized. Block Ayala Group Inc., Stockholders' Equity October 31 Paid-In Capital: Common Stock x Excess Over Par v Paid-In Capital, Preferred Stock From Sale of Treasury Stock x Retained Earnings x_ Cash X_ From Sale of Treasury Stock v Total Paid-In Capital

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Description: The following accounts and their balances were selected from the adjusted trial balance of Block Ayala Group Inc., a freight forwarder, at October 31, the end of thecurrent fiscal year:Common Stock, no par, $14 stated value$980,000Paid-In Capital fr

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter12: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 17E: Reporting paid-in capital The following accounts and their balances were selected from the adjusted...

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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.
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Reporting Paid-In Capital The following accounts and their balances were selected from the adjusted trial balance of Block Ayala Group Inc., a freight forwarder, at October 31, the end of the current fiscal year: Common Stock, no par, $22 stated value $5,500,000 Paid-In Capital from Sale of Treasury Stock 35,000 Paid-In Capital in Excess of Par—Preferred Stock 165,000 Paid-In Capital in Excess of Stated Value—Common Stock 380,000 Preferred 2% Stock, $110 par 6,050,000 Retained Earnings 31,036,000 Prepare the Paid-In Capital portion of the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. There are 300,000 shares of common stock authorized and 100,000 shares of preferred stock authorized. Block Ayala Group Inc.,Stockholders' EquityOctober 31 Paid-In Capital: $- Select - - Select - $- Select - $- Select - - Select - - Select - - Select - Total Paid-In Capital…
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