The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020. In addition, E&B Comic Bookstore Company’s charter will authorize 1,200,000 shares of common stock (to be divided into two classes (700,000 shares class A -voting rights and 500,000 shares class B -nonvoting rights) and 400,000, $45 par value (see info below), 5% cumulative preferred stock. Aditional Issued 40% shares of class A common stock. Stock has par value of $45.00 per share and was issued at $62 per share Issued 40% shares of no-par class B stock. Issue price $60.00 Issued 30% shares of preferred stock at par value Exchanged 40% of authorized shares of class A common stock for office furniture with an appraised value of $4,000,000 and motor truck with a value of $10,000,000 1. Declared interim dividends for preferred shareholders as well as $.80 per share to common stockholders. Journalize this transaction 2. Prepare the company’s Stockholders equity section of the balance sheet at December 31, 2020. information on par or par values for all classes of shares which must be shown separately. The number of shares authorized and issued where necessary. the sub total for the total paid in capital. Retained earnings. total stockholders’ equity
The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020. In addition, E&B Comic Bookstore Company’s charter will authorize 1,200,000 shares of common stock (to be divided into two classes (700,000 shares class A -voting rights and 500,000 shares class B -nonvoting rights) and 400,000, $45 par value (see info below), 5% cumulative
Aditional
Issued 40% shares of class A common stock. Stock has par value of $45.00 per share and was issued at $62 per share
Issued 40% shares of no-par class B stock. Issue price $60.00
Issued 30% shares of preferred stock at par value
Exchanged 40% of authorized shares of class A common stock for office furniture with an appraised value of $4,000,000 and motor truck with a value of $10,000,000
1. Declared interim dividends for preferred shareholders as well as $.80 per share to common stockholders. Journalize this transaction
2. Prepare the company’s
information on par or par values for all classes of shares which must be shown separately.
The number of shares authorized and issued where necessary.
the sub total for the total paid in capital.
total stockholders’ equity
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