college accounting

Project Description:

please submit answers on the attached excel spreadsheet. each question has its on different tab.
e20-2b
dividend allocations
situation 1 espino company has the following stock outstanding:
common stock preferred stock
100,000 shares 9,000 shares
$0.50 par value $20 par, $2 dividend
the amount available for dividends this year is $50,000. prepare the dividend allocation between the preferred and common shares.
situation 2 chiola corporation has the following stock outstanding:
common stock preferred stock
40,000 shares cumulative: 4,000 shares
$1 par value $40 par, $2 dividend
noncumulative: $5,000 shares
$40 par, $2 dividend
no dividends were declared in year 1 of operations. in year 2, there is $56,000 available for dividends. prepare the dividend allocation between the preferred and common shares.

p20-7b
stated value, common and preferred stock, and noncash assets dan’s hobby stores had the following stock transactions during the year:
a) issued 5,000 shares of no-par common stock with a stated value of $10 per share for $50,000 cash.
b) issued 6,000 shares of no-par common stock with a stated value of $7 per share for $43,000 cash.
c) issued 5,000 shares of no-par, 6% preferred stock with a stated value of $18 per share for $88,600 cash.
d) issued $3,500 shares of no-par, 6% preferred stock with a stated value of $22 per share for $77,000 cash.
e) issued 10,000 share of $9 par common stock for land with a fair market value of $90,000.
f) issued 11,000 shares of $8 par common stock with a $9 fair market value for a building with an uncertain fair market value.
g) issued 8,000 shares of $30 par, 6% preferred stock for land with a fair market value of $243,000.
required
prepare general journal entries to record the transactions, identifying each transaction by letter.

p 20-10a
total paid in capital: $491,000
stockholders’ equity section after closing its books on december 31, 20--, jackson corporation’s stockholders’ equity accounts had the following balances:
account balance additional information
preferred stock subscriptions rec $15,000
common stock subscriptions rec $10,000
preferred stock subscribed $50,000 $4 dividend, $5 par, 10,000share
common stock subscribed $30,000 $10par, 3,000 shares
preferred stocks $150,000 $4 dividend, $5 par, 30,000share
common stock $250,000 $10 par, 25,000 shares
paid-in capital in excess of par-preferred $10,000
paid-in capital from sale of treasury $1,000
common treasury stock $10,000
retained earnings $75,000
required
prepared the stockholders equity section of the balance sheet for jackson for the year ended december 31,20--.
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