Question

CZ Jewelry Company reported the following summarized balance sheet at December 31, 2014:
Assets
Current assets......................................................................... $ 61,000
Property and equipment, net................................................... 108,700
Total assets........................................................................... $169,700
Liabilities and Equity
Liabilities.................................................................................$ 34,000
Stockholders’ equity:
$0.50 cumulative preferred stock, $20 par, 900 shares issued... 18,000
Common stock, $8 par, 7,100 shares issued......................... 56,800
Paid-in capital in excess of par—common............................ 17,900
Retained earnings................................................................. 43,000
Total liabilities and equity................................................... $169,700
During 2015, CZ Jewelry completed these transactions that affected stockholders’ equity:
Feb 13 Issued 6,400 shares of common stock for $10 per share.
Jun 7 Declared the regular cash dividend on the preferred stock.
24 Paid the cash dividend.
Aug 9 Declared and distributed a 10% stock dividend on the common stock.
Market price of the common stock was $15 per share.
Oct 26 Reacquired 800 shares of common stock as treasury stock, paying $18 per share.
Dec 31 Declared a cash dividend of $0.25 per share on the outstanding common stock; dividends will be paid in January, 2016.Nov 20 Sold 200 shares of the treasury stock for $20 per share.

Requirements
1. Journalize CZ Jewelry’s transactions. Explanations are not required.
2. Report CZ Jewelry’s stockholders’ equity at December 31, 2015. Net income for 2015 was $36,000.



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  • CreatedJuly 25, 2014
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