Clearborn Manufacturing Co. completed the following transactions during 2018: i (Click the icon to view the...

 

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Clearborn Manufacturing Co. completed the following transactions during 2018: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in Clearborn's general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.) Jan. 16: Declared a cash dividend on the 5%, $99 par noncumulative preferred stock (1,100 shares outstanding). Declared a $0.50 per share dividend on the 95,000 shares of $8 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Date Accounts and Explanation Jan. 16 Cash Dividends Feb. 15 Dividends Payable-Preferred Dividends Payable-Common Declared a cash dividend. Feb. 15: Paid the cash dividends. Date Accounts and Explanation Dividends Payable-Preferred Dividends Payable-Common Cash Paid cash dividend Jun. 10: Split common stock 2-for-1. Debit 52,945 Debit 5,445 47,500 Credit 5,445 47,500 Credit 52,945 i More Info Jan. 16 Declared a cash dividend on the 5%, $99 par noncumulative preferred stock (1,100 shares outstanding). Declared a $0.50 per share dividend on the 95,000 shares of $8 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. 15 Paid the cash dividends. 10 Split common stock 2-for-1. 30 Declared a 50% stock dividend on the common stock. The market value of the common stock was $11 per share. 15 Distributed the stock dividend. Feb. Jun. Jul. Aug Oct. Nov. 26 Purchased 1,600 shares of treasury stock at $10 per share. 8 Sold 800 shares of treasury stock for $12 per share. 30 Sold 700 shares of treasury stock for $7 per share. Print X Done Jun. 10: Split common stock 2-for-1. Date Jun. 10 Accounts and Explanation Jul. 30 No entry required Jul. 30: Declared a 50% stock dividend on the common stock. The market value of the common stock was $11 per share. Date Accounts and Explanation Debit Stock Dividends. Common Stock Dividend Distributable Debit Declared a 50% stock dividend. Credit 380,000 Credit 380,000 1. 2. Requirements Record the transactions in Clearborn's general joumal. Prepare the Clearborn's stockholders equity section of the balance sheet as of December 31, 2018. Assume that Clearborn was authorized to issue 2,000 shares of preferred stock and 400,000 shares of common stock. Both preferred stock and common stock were issued at par. The ending balance of retained earnings as of December 31, 2018, is $2,010,000. Print Done Aug. 15: Distributed the stock dividend. Date Aug. 15 Date Accounts and Explanation Issued 50% stock dividend. Oct. 26: Purchased 1,600 shares of treasury stock at $10 per share. Accounts and Explanation Oct. 26 Common Stock Dividend Distributable Common Stock-$4 Par Value Treasury Stock-Common Cash Purchased treasury stock. Debit 380,000 Debit 16,000 Credit 380,000 Credit 16,000 Nov. 8: Sold 800 shares of treasury stock for $12 per share. Accounts and Explanation Date Nov. 8. Cash Nov. 30 Treasury Stock-Common Paid-In Capital from Treasury Stock Transactions Sold treasury stock above cost Nov. 30: Sold 700 shares of treasury stock for $7 per share. Date Accounts and Explanation Cash Paid-In Capital from Treasury Stock Transactions Retained Earnings Treasury Stock-Common Sold treasury stock below cost. Debit. 9,600 Debit 4,900 1,600 500 Credit 8,000 1,600 Credit 7,000 Requirement 2. Prepare the Clearborn's stockholders equity section of the balance sheet as of December 31, 2018. Assume that Clearborn was authorized to issue 2,000 shares of preferred stock and 400,000 shares of common stock. Both preferred stock and common stock were issued at par. The ending balance of retained earnings as of December 31, 2018, is $2,010,000. (Use parentheses or a minus sign for amounts to be subtracted.) Clearborn Manufacturing, Co. Balance Sheet (Partial) December 31, 2018 Stockholders' Equity Paid-In Capital: Preferred Stock-5%, $99 Par Value; 1,100 shares issued and outstanding. Common Stock-$4 Par Value; shares issued Total Paid-In Capital Retained Earnings Treasury Stock-Common; Total Stockholders' Equity 2,000 shares authorized, shares authorized, shares outstanding shares at cost 95000 2,010,000 (1100) Clearborn Manufacturing Co. completed the following transactions during 2018: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in Clearborn's general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.) Jan. 16: Declared a cash dividend on the 5%, $99 par noncumulative preferred stock (1,100 shares outstanding). Declared a $0.50 per share dividend on the 95,000 shares of $8 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Date Accounts and Explanation Jan. 16 Cash Dividends Feb. 15 Dividends Payable-Preferred Dividends Payable-Common Declared a cash dividend. Feb. 15: Paid the cash dividends. Date Accounts and Explanation Dividends Payable-Preferred Dividends Payable-Common Cash Paid cash dividend Jun. 10: Split common stock 2-for-1. Debit 52,945 Debit 5,445 47,500 Credit 5,445 47,500 Credit 52,945 i More Info Jan. 16 Declared a cash dividend on the 5%, $99 par noncumulative preferred stock (1,100 shares outstanding). Declared a $0.50 per share dividend on the 95,000 shares of $8 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. 15 Paid the cash dividends. 10 Split common stock 2-for-1. 30 Declared a 50% stock dividend on the common stock. The market value of the common stock was $11 per share. 15 Distributed the stock dividend. Feb. Jun. Jul. Aug Oct. Nov. 26 Purchased 1,600 shares of treasury stock at $10 per share. 8 Sold 800 shares of treasury stock for $12 per share. 30 Sold 700 shares of treasury stock for $7 per share. Print X Done Jun. 10: Split common stock 2-for-1. Date Jun. 10 Accounts and Explanation Jul. 30 No entry required Jul. 30: Declared a 50% stock dividend on the common stock. The market value of the common stock was $11 per share. Date Accounts and Explanation Debit Stock Dividends. Common Stock Dividend Distributable Debit Declared a 50% stock dividend. Credit 380,000 Credit 380,000 1. 2. Requirements Record the transactions in Clearborn's general joumal. Prepare the Clearborn's stockholders equity section of the balance sheet as of December 31, 2018. Assume that Clearborn was authorized to issue 2,000 shares of preferred stock and 400,000 shares of common stock. Both preferred stock and common stock were issued at par. The ending balance of retained earnings as of December 31, 2018, is $2,010,000. Print Done Aug. 15: Distributed the stock dividend. Date Aug. 15 Date Accounts and Explanation Issued 50% stock dividend. Oct. 26: Purchased 1,600 shares of treasury stock at $10 per share. Accounts and Explanation Oct. 26 Common Stock Dividend Distributable Common Stock-$4 Par Value Treasury Stock-Common Cash Purchased treasury stock. Debit 380,000 Debit 16,000 Credit 380,000 Credit 16,000 Nov. 8: Sold 800 shares of treasury stock for $12 per share. Accounts and Explanation Date Nov. 8. Cash Nov. 30 Treasury Stock-Common Paid-In Capital from Treasury Stock Transactions Sold treasury stock above cost Nov. 30: Sold 700 shares of treasury stock for $7 per share. Date Accounts and Explanation Cash Paid-In Capital from Treasury Stock Transactions Retained Earnings Treasury Stock-Common Sold treasury stock below cost. Debit. 9,600 Debit 4,900 1,600 500 Credit 8,000 1,600 Credit 7,000 Requirement 2. Prepare the Clearborn's stockholders equity section of the balance sheet as of December 31, 2018. Assume that Clearborn was authorized to issue 2,000 shares of preferred stock and 400,000 shares of common stock. Both preferred stock and common stock were issued at par. The ending balance of retained earnings as of December 31, 2018, is $2,010,000. (Use parentheses or a minus sign for amounts to be subtracted.) Clearborn Manufacturing, Co. Balance Sheet (Partial) December 31, 2018 Stockholders' Equity Paid-In Capital: Preferred Stock-5%, $99 Par Value; 1,100 shares issued and outstanding. Common Stock-$4 Par Value; shares issued Total Paid-In Capital Retained Earnings Treasury Stock-Common; Total Stockholders' Equity 2,000 shares authorized, shares authorized, shares outstanding shares at cost 95000 2,010,000 (1100)

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