At December 31, 2016, Pioneer Corporation reported the stockholders' equity accounts shown here (with dollar amounts in

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At December 31, 2016, Pioneer Corporation reported the stockholders' equity accounts shown here (with dollar amounts in millions, except per-share amounts).
Common stock $3.00 par value per share, 22 million shares issued............$ 66
Paid-in capital in excess of par value...................................................33
Retained
earnings.......................................................................250
Treasury stock, at cost ...............................................................(100)
Total stockholders' equity..........................................................S24v*
Pioneer's 2017 transactions included
a. Net income, $447 million
b. Issuance of 10 million shares of common stock for $14 per share
c. Purchase of 5 million shares of treasury stock for $65 million
d. Sold 4 million of the treasury shares purchased in part c for $56 million
e. Declaration and payment of cash dividends of $33 million
Requirements
1. Journalize Pioneer's transactions in parts b, c, d, and e. Explanations are not required.
2. What was the overall effect of these transactions (parts a through e) on Pioneer Corporation's stockholders' equity?
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...
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Financial Accounting

ISBN: 978-0134127620

11th edition

Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz

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