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intermediate accounting volume 2

Intermediate Accounting 2007 FASB Update Volume 2 12th Edition Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield - Solutions

(Equity Investments—Trading) Kenseth Company has the following securities in its trading portfolio of securities on December 31, 2006.All of the securities were purchased in 2006.In 2007, Kenseth completed the following securities transactions.Instructions Prepare the general journal entries for
(Fair Value and Equity Method Compared) Jaycie Phelps Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2006. The purchase price was $1,200,000 for 50,000 shares. Kulikowski Inc. declared and paid an $0.85 per share cash dividend on June 30 and on December
(Equity Method) On January 1, 2007, Pennington Corporation purchased 30% of the common shares of Edwards Company for $180,000. During the year, Edwards earned net income of $80,000 and paid dividends of $20,000.Instructions Prepare the entries for Pennington to record the purchase and any
(Impairment of Debt Securities) Hagar Corporation has municipal bonds classified as availablefor-sale at December 31, 2006. These bonds have a par value of $800,000, an amortized cost of $800,000, and a fair value of $720,000. The unrealized loss of $80,000 previously recognized as other
(Call Option) On January 2, 2007, Jones Company purchases a call option for $300 on Merchant common stock. The call option gives Jones the option to buy 1,000 shares of Merchant at a strike price of$50 per share. The market price of a Merchant share is $50 on January 2, 2007 (the intrinsic value is
(Call Option) On August 15, 2006, Outkast Co. invested idle cash by purchasing a call option on Counting Crows Inc. common shares for $360. The notional value of the call option is 400 shares, and the option price is $40. The option expires on January 31, 2007. The following data are available with
(Put and Call Options) On February 15, 2007, Derek Co. invested idle cash by purchasing a put option on Lee Corp. common shares for $160. The notional value of the put option is 300 shares, and the option price is $50. The option expires on July 31, 2007. The following data are available with
(Cash Flow Hedge) Hart Golf Co. uses titanium in the production of its specialty drivers. Hart(LO 11)anticipates that it will need to purchase 200 ounces of titanium in November 2007, for clubs that will be shipped in the spring and summer of 2008. However, if the price of titanium increases, this
(Fair Value Hedge) On January 2, 2007, MacCloud Co. issued a 4-year, $100,000 note at 6% fixed interest, interest payable semiannually. MacCloud now wants to change the note to a variable-rate note.As a result, on January 2, 2007, MacCloud Co. enters into an interest rate swap where it agrees to
(Fair Value Hedge) Sarazan Company issues a 4-year, 7.5% fixed-rate interest only, nonprepayable$1,000,000 note payable on December 31, 2006. It decides to change the interest rate from a fixed rate to variable rate and enters into a swap agreement with M&S Corp. The swap agreement specifies that
(Debt Securities) Presented below is an amortization schedule related to Kathy Baker Company’s 5-year, $100,000 bond with a 7% interest rate and a 5% yield, purchased on December 31, 2004, for$108,660.(a) Prepare the journal entry to record the purchase of these bonds on December 31, 2004,
(Available-for-Sale Debt Securities) On January 1, 2007, Rob Wilco Company purchased $200,000, 8% bonds of Mercury Co. for $184,557. The bonds were purchased to yield 10% interest. Interest is payable semiannually on July 1 and January 1. The bonds mature on January 1, 2012. Rob Wilco Company uses
(Available-for-Sale Investments) Octavio Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits (see page 894).Instructions (Round all computations to the nearest dollar.)(a) Prepare entries necessary to classify the
(Available-for-Sale Debt Securities) Presented below is information taken from a bond investment amortization schedule with related fair values provided. These bonds are classified as available-for-sale.Instructions (a) Indicate whether the bonds were purchased at a discount or at a premium.(b)
(Equity Securities Entries and Disclosures) Incognito Company has the following securities in its investment portfolio on December 31, 2006 (all securities were purchased in 2006): (1) 3,000 shares of Green Day Co. common stock which cost $58,500, (2) 10,000 shares of David Sanborn Ltd. common
(Trading and Available-for-Sale Securities Entries) Loxley Company has the following portfolio of investment securities at September 30, 2007, its last reporting date.On October 10, 2007, the Fogelberg shares were sold at a price of $54 per share. In addition, 3,000 shares of Los Tigres common
(Available-for-Sale and Held-to-Maturity Debt Securities Entries) The following information relates to the debt securities investments of Yellowjackets Company.1. On February 1, the company purchased 12% bonds of Hilton Paris Co. having a par value of$500,000 at 100 plus accrued interest. Interest
(Fair Value and Equity Methods) Pacers Corp. is a medium-sized corporation specializing in quarrying stone for building construction. The company has long dominated the market, at one time achieving a 70% market penetration. During prosperous years, the company’s profits, coupled with a
(Financial Statement Presentation of Available-for-Sale Investments) Woolford Company has the following portfolio of available-for-sale securities at December 31, 2006.Instructions (a) What should be reported on Woolford’s December 31, 2006, balance sheet relative to these longterm
(Gain on Sale of Securities and Comprehensive Income) On January 1, 2006, Enid Inc. had the following balance sheet.The accumulated other comprehensive income related to unrealized holding gains on available-for-sale securities. The fair value of Enid Inc.’s available-for-sale securities at
(Equity Investments—Available for Sale) Big Brother Holdings, Inc. had the following available-for-sale investment portfolio at January 1, 2006.During 2006, the following transactions took place.1. On March 1, Josie Company paid a $2 per share dividend.2. On April 30, Big Brother Holdings, Inc.
(Available-for-Sale Securities—Statement Presentation) Alvarez Corp. invested its excess cash in available-for-sale securities during 2006. As of December 31, 2006, the portfolio of available-for-sale securities consisted of the following common stocks.During the year 2007, Alvarez Corp. sold
(Call Option) The treasurer of Miller Co. has read on the Internet that the stock price of Ewing Inc. is about to take off. In order to profit from this potential development, Miller Co. purchased a call option on Ewing common shares on July 7, 2006, for $240. The call option is for 200 shares
(Put Option) Johnstone Co. purchased a put option on Ewing common shares on July 7, 2006, for $240. The put option is for 200 shares, and the strike price is $70. The option expires on January 31, 2007. The following data are available with respect to the put option.Instructions Prepare the journal
(Put Option) Warren Co. purchased a put option on Echo common shares on January 7, 2007, for $360. The put option is for 400 shares, and the strike price is $85. The option expires on July 31, 2007.The following data are available with respect to the put option.Instructions Prepare the journal
(Fair Value Hedge Interest Rate Swap) On December 31, 2006, Mercantile Corp. had a$10,000,000, 8% fixed-rate note outstanding, payable in 2 years. It decides to enter into a 2-year swap with Chicago First Bank to convert the fixed-rate debt to variable-rate debt. The terms of the swap indicate that
(Cash Flow Hedge) LEW Jewelry Co. uses gold in the manufacture of its products. LEW anticipates that it will need to purchase 500 ounces of gold in October 2006, for jewelry that will be shipped for the holiday shopping season. However, if the price of gold increases, LEW’s cost to produce its
(Fair Value Hedge) On November 3, 2007, Sprinkle Co. invested $200,000 in 4,000 shares of the common stock of Johnstone Co. Sprinkle classified this investment as available-for-sale. Sprinkle Co. is considering making a more significant investment in Johnstone Co. at some point in the future but
(Issues Raised about Investment Securities) You have just started work for Andre Love Co.as part of the controller’s group involved in current financial reporting problems. Jackie Franklin, controller for Love, is interested in your accounting background because the company has experienced a
(Equity Securities) James Joyce Co. has the following available-for-sale securities outstanding on December 31, 2006 (its first year of operations).During 2007 D. H. Lawrence Company stock was sold for $9,200, the difference between the $9,200 and the “fair value” of $8,800 being recorded as a
(Equity Securities) The Financial Accounting Standards Board issued its Statement No. 115 to clarify accounting methods and procedures with respect to certain debt and all equity securities. An important part of the statement concerns the distinction between held-to-maturity, available-for-sale,
(Investment Accounted for under the Equity Method) On July 1, 2007, Sylvia Warner Company purchased for cash 40% of the outstanding capital stock of Robert Graves Company. Both Sylvia Warner Company and Robert Graves Company have a December 31 year-end. Graves Company, whose common stock is
(Equity Investment) On July 1, 2007, Munns Company purchased for cash 40% of the outstanding capital stock of Huber Corporation. Both Munns and Huber have a December 31 year-end. Huber Corporation, whose common stock is actively traded on the American Stock Exchange, paid a cash dividend on
(Fair Value) Addison Manufacturing holds a large portfolio of debt and equity securities as an investment. The fair value of the portfolio is greater than its original cost, even though some securities have decreased in value. Ted Abernathy, the financial vice president, and Donna Nottebart, the
Plantagenet Corp. offered holders of its 1,000 convertible bonds a premium of $160 per bond to induce conversion into shares of its common stock. Upon conversion of all the bonds, Plantagenet Corp. recorded the $160,000 premium as a reduction of paid-in capital. Comment on Plantagenet’s treatment
_ Faital Inc. issued $5,000,000 par value, 7% convertible bonds at 99 for cash. If the bonds had not included the conversion feature, they would have sold for 95. Prepare the journal entry to record the issuance of the bonds.
Sasha Verbitsky Corporation has outstanding 1,000 $1,000 bonds, each convertible into 50 shares of $10 par value common stock. The bonds are converted on December 31, 2008, when the unamortized discount is $30,000 and the market price of the stock is $21 per share. Record the conversion using the
On January 1, 2008, Johnson Corporation granted 5,000 options to executives. Each option entitles the holder to purchase one share of Johnson’s $5 par value common stock at $50 per share at any time during the next 5 years. The market price of the stock is $65 per share on the date of grant. The
On January 1, 2008 (the date of grant), Lee Corporation issues 2,000 shares of restricted stock to its executives. The fair value of these shares is $90,000, and their par value is $10,000. The stock is forfeited if the executives do not complete 3 years of employment with the company. Prepare the
Sam Perkins, Inc. established a stock appreciation rights (SAR) program on January 1, 2007, which entitles executives to receive cash at the date of exercise for the difference between the market price of the stock and the preestablished price of $20 on 5,000 SARs. The required service period is 2
(Issuance and Conversion of Bonds) For each of the unrelated transactions described below, present the entry(ies) required to record each transaction.1. Grand Corp. issued $20,000,000 par value 10% convertible bonds at 99. If the bonds had not been convertible, the company’s investment banker
(Conversion of Bonds) Aubrey Inc. issued $4,000,000 of 10%, 10-year convertible bonds on June 1, 2007, at 98 plus accrued interest. The bonds were dated April 1, 2007, with interest payable April 1 and October 1. Bond discount is amortized semiannually on a straight-line basis.On April 1, 2008,
16-3 (Conversion of Bonds) Vargo Company has bonds payable outstanding in the amount of $500,000, and the Premium on Bonds Payable account has a balance of $7,500. Each $1,000 bond is convertible into 20 shares of preferred stock of par value of $50 per share. All bonds are converted into preferred
(Conversion of Bonds) On January 1, 2006, when its $30 par value common stock was selling for $80 per share, Plato Corp. issued $10,000,000 of 8% convertible debentures due in 20 years. The conversion option allowed the holder of each $1,000 bond to convert the bond into five shares of the
(Conversion of Bonds) The December 31, 2007, balance sheet of Kepler Corp. is as follows.On March 5, 2008, Kepler Corp. called all of the bonds as of April 30 for the principal plus interest through April 30. By April 30 all bondholders had exercised their conversion to common stock as of the
(Conversion of Bonds) On January 1, 2007, Gottlieb Corporation issued $4,000,000 of 10-year, 8% convertible debentures at 102. Interest is to be paid semiannually on June 30 and December 31. Each$1,000 debenture can be converted into eight shares of Gottlieb Corporation $100 par value common stock
(Issuance of Bonds with Warrants) _ Illiad Inc. has decided to raise additional capital by issuing$170,000 face value of bonds with a coupon rate of 10%. In discussions with investment bankers, it was determined that to help the sale of the bonds, detachable stock warrants should be issued at the
(Issuance of Bonds with Detachable Warrants) On September 1, 2007, Sands Company sold at 104 (plus accrued interest) 4,000 of its 9%, 10-year, $1,000 face value, nonconvertible bonds with detachable stock warrants. Each bond carried two detachable warrants. Each warrant was for one share of common
(Issuance of Bonds with Stock Warrants) On May 1, 2007, Friendly Company issued 2,000 $1,000 bonds at 102. Each bond was issued with one detachable stock warrant. Shortly after issuance, the bonds were selling at 98, but the market value of the warrants cannot be determined.Instructions(a) Prepare
(Issuance and Exercise of Stock Options) On November 1, 2007, Columbo Company adopted a stock option plan that granted options to key executives to purchase 30,000 shares of the company’s $10 par value common stock. The options were granted on January 2, 2008, and were exercisable 2 years after
16-11 (Issuance, Exercise, and Termination of Stock Options) On January 1, 2008, Titania Inc. granted stock options to officers and key employees for the purchase of 20,000 shares of the company’s $10 par common stock at $25 per share. The options were exercisable within a 5-year period beginning
(Issuance, Exercise, and Termination of Stock Options) On January 1, 2006, Nichols Corporation granted 10,000 options to key executives. Each option allows the executive to purchase one share of Nichols’ $5 par value common stock at a price of $20 per share. The options were exercisable within a
(Weighted-Average Number of Shares) Newton Inc. uses a calendar year for financial reporting.The company is authorized to issue 9,000,000 shares of $10 par common stock. At no time has Newton issued any potentially dilutive securities. Listed below is a summary of Newton’s common stock
(EPS: Simple Capital Structure) On January 1, 2008, Wilke Corp. had 480,000 shares of common stock outstanding. During 2008, it had the following transactions that affected the common stock account.Instructions (a) Determine the weighted-average number of shares outstanding as of December 31,
(EPS: Simple Capital Structure) Ace Company had 200,000 shares of common stock outstanding on December 31, 2008. During the year 2009 the company issued 8,000 shares on May 1 and retired 14,000 shares on October 31. For the year 2009 Ace Company reported net income of $249,690 after a casualty loss
(EPS: Simple Capital Structure) Flagstad Inc. presented the following data.Instructions Compute earnings per share. Net income Preferred stock: 50,000 shares outstanding, $100 par, 8% cumulative, not convertible Common stock: Shares outstanding 1/1 Issued for cash, 5/1 Acquired treasury stock for
(EPS: Simple Capital Structure) A portion of the combined statement of income and retained earnings of Seminole Inc. for the current year follows.Note 1. During the year, Seminole Inc. suffered a major casualty loss of $1,340,000 after applicable income tax reduction of $1,200,000.At the end of the
(EPS: Simple Capital Structure) On January 1, 2008, Lennon Industries had stock outstanding as follows.To acquire the net assets of three smaller companies, Lennon authorized the issuance of an additional 160,000 common shares. The acquisitions took place as shown below.On May 14, 2008, Lennon
(EPS: Simple Capital Structure) At January 1, 2008, Langley Company’s outstanding shares included the following.280,000 shares of $50 par value, 7% cumulative preferred stock 900,000 shares of $1 par value common stock Net income for 2008 was $2,530,000. No cash dividends were declared or paid
(EPS with Convertible Bonds, Various Situations) In 2006 Chirac Enterprises issued, at par, 60 $1,000, 8% bonds, each convertible into 100 shares of common stock. Chirac had revenues of $17,500 and expenses other than interest and taxes of $8,400 for 2007. (Assume that the tax rate is 40%.)
(EPS with Convertible Bonds) On June 1, 2005, Andre Company and Agassi Company merged to form Lancaster Inc. A total of 800,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis.On April 1, 2007, the company issued an additional 400,000 shares of stock
(EPS with Convertible Bonds and Preferred Stock) The Simon Corporation issued 10-year,$5,000,000 par, 7% callable convertible subordinated debentures on January 2, 2007. The bonds have a par value of $1,000, with interest payable annually. The current conversion ratio is 14:1, and in 2 years it
(EPS with Convertible Bonds and Preferred Stock) On January 1, 2007, Crocker Company issued 10-year, $2,000,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Crocker common stock. Crocker’s net income in 2007 was $300,000, and its tax rate was 40%. The company
(EPS with Options, Various Situations) Venzuela Company’s net income for 2007 is $50,000.The only potentially dilutive securities outstanding were 1,000 options issued during 2006, each exercisable for one share at $6. None has been exercised, and 10,000 shares of common were outstanding during
(EPS with Contingent Issuance Agreement) Winsor Inc. recently purchased Holiday Corp., a large midwestern home painting corporation. One of the terms of the merger was that if Holiday’s income for 2007 was $110,000 or more, 10,000 additional shares would be issued to Holiday’s stockholders in
(EPS with Warrants) Howat Corporation earned $360,000 during a period when it had an average of 100,000 shares of common stock outstanding. The common stock sold at an average market price of $15 per share during the period. Also outstanding were 15,000 warrants that could be exercised to purchase
(Accounting for Restricted Stock) Tweedie Company issues 4,000 shares of restricted stock to its CFO, Miles Hobart, on January 1, 2007. The stock has a fair value of $100,000 on this date. The service period related to this restricted stock is 4 years. Vesting occurs if Hobart stays with the
(Stock Appreciation Rights) On December 31, 2003, Beckford Company issues 150,000 stock appreciation rights to its officers entitling them to receive cash for the difference between the market price of its stock and a preestablished price of $10. The fair value of the SARs is estimated to be $4 per
(Stock Appreciation Rights) Capulet Company establishes a stock appreciation rights program that entitles its new president Ben Davis to receive cash for the difference between the market price of the stock and a preestablished price of $30 (also market price) on December 31, 2004, on 30,000 SARs.
(Entries for Various Dilutive Securities) The stockholders’ equity section of McLean Inc. at the beginning of the current year appears below.During the current year the following transactions occurred.1. The company issued to the stockholders 100,000 rights. Ten rights are needed to buy one share
(Entries for Conversion, Amortization, and Interest of Bonds) Counter Inc. issued $1,500,000 of convertible 10-year bonds on July 1, 2007. The bonds provide for 12% interest payable semiannually on January 1 and July 1. The discount in connection with the issue was $34,000, which is being amortized
(Stock Option Plan) ISU Company adopted a stock option plan on November 30, 2005, that progpEnrs vided that 70,000 shares of $5 par value stock be designated as available for the granting of options to aa officers of the corporation at a price of $8 a share. The market value was $12 a share on
(EPS with Complex Capital Structure) Diane Leto, controller at Dewey Yaeger Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per» share and the related disclosure for Yaeger’s external financial statements. Below is selected
(Basic EPS: Two-Year Presentation) Hillel Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2006, and May 31, 2007.The income from operations for each year was $1,800,000 and $2,500,000, respectively. In both
(EPS Computation of Basic and Diluted EPS) Edmund Halvor of the controller’s office of East Aurora Corporation was given the assignment of determining the basic and diluted earnings per share ev values for the year ending December 31, 2007. Halvor has compiled the information listed below.1. The
(Computation of Basic and Diluted EPS) The information below pertains to Prancer Company for 2007.There were no changes during 2007 in the number of common shares, preferred shares, or convertible bonds outstanding. There is no treasury stock.Instructions (a) Compute basic earnings per share for
(EPS with Stock Dividend and Extraordinary Items) Cordelia Corporation is preparing the comparative financial statements to be included in the annual report to stockholders. Cordelia employs a fiscal year ending May 31.Income from operations before income taxes for Cordelia was $1,400,000 and
(Warrants Issued with Bonds and Convertible Bonds) Incurring long-term debt with an arrangement whereby lenders receive an option to buy common stock during all or a portion of the time the debt is outstanding is a frequent corporate financing practice. In some situations the result is achieved
(Ethical Issues-Compensation Plan) The executive officers of Coach Corporation have a performance-based compensation plan. The performance criteria of this plan is linked to growth in earnings per share. When annual EPS growth is 12%, the Coach executives earn 100% of the shares; if growth is 16%,
(Stock Warrants—Various Types) For various reasons a corporation may issue warrants to purchase shares of its common stock at specified prices that, depending on the circumstances, may be less than, equal to, or greater than the current market price. For example, warrants may be issued:1. To
(Stock Compensation Plans) The following two items appeared on the Internet concerning the passage of SFAS No. 123(R).WASHINGTON, D.C.—February 17,2005 Congressman David Dreier (R-CA), Chairman of the House Rules Committee, and Congresswoman Anna Eshoo (D-CA) reintroduced legislation today that
(EPS: Preferred Dividends, Options, and Convertible Debt) “Earnings per share” (EPS) is the most featured single financial statistic about modern corporations. Daily published quotations of stock prices have recently been expanded to include for many securities a “times earnings” figure
(EPS Concepts and Effect of Transactions on EPS) Fernandez Corporation, a new audit client of yours, has not reported earnings per share data in its annual reports to stockholders in the past. The treasurer, Angelo Balthazar, requested that you furnish information about the reporting of earnings
(EPS, Antidilution) Matt Kacskos, a stockholder of Howat Corporation, has asked you, the firm’s accountant, to explain why his stock warrants were not included in diluted EPS. In order to explain this situation, you must briefly explain what dilutive securities are, why they are included in the
(Restricted Stock and Stock Appreciation Rights) In 2005 Sanford Co. adopted a plan to give additional incentive compensation to its dealers to sell its principal product, fire extinguishers. Under the plan Sanford transferred 9,000 shares of its $1 par value stock to a trust with the provision
Kellogg Company in its 2004 Annual Report in Note 1—Accounting Policies made the following comment about its accounting for employee stock options and other stock-based compensation.Instructions (a) Briefly discuss how Kellogg’s financial statements will be affected by the adoption of SFAS No.
The Coca-Cola Company and PepsiCo, Inc.Go to the KWW website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc.(a) What employee stock option compensation plans are offered by Coca-Cola and PepsiCo?(b) How many options are
An article by Martha Brannigan titled “Questioning the Books: AES Seeks to Reassure Investors Worried over Dilution of Equity” appeared in the Wall Street Journal on February 22, 2002.Instructions Read this article and answer the following questions.(a) Where does AES get additional
Sepracor, Inc., a U.S. drug company, reported the following information. The company prepares its financial statements in accordance with U.S. GAAP.Analysts attempting to compare Sepracor to international drug companies may face a challenge due to differences in accounting for convertible debt
(Recording the Issuances of Common Stock) During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock.Instructions (a) Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per
(Recording the Issuance of Common and Preferred Stock) Kathleen Battle Corporation was organized on January 1, 2007. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 shares of no par common stock with a stated value of $1 per share. The following stock
(Stock Issued for Land) Twenty-five thousand shares reacquired by Elixir Corporation for $53 per share were exchanged for undeveloped land that has an appraised value of $1,700,000. At the time of the exchange the common stock was trading at $62 per share on an organized exchange.Instructions(a)
(Lump-Sum Sale of Stock with Bonds) Faith Evans Corporation is a regional company which is an SEC registrant. The corporation’s securities are thinly traded on NASDAQ (National Association of Securities Dealers Quotes). Faith Evans Corp. has issued 10,000 units. Each unit consists of a $500 par,
(Lump-Sum Sales of Stock with Preferred Stock) Dave Matthew Inc. issues 500 shares of 5) $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of$100,000.Instructions(a) Prepare the journal entry for the issuance when the market value of the common shares is
(Stock Issuances and Repurchase) Lindsey Hunter Corporation is authorized to issue 50,000 4) shares of $5 par value common stock. During 2007, Lindsey Hunter took part in the following selected transactions.1. Issued 5,000 shares of stock at $45 per share, less costs related to the issuance of the
(Effect of Treasury Stock Transactions on Financials) Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Joe Dumars then entered into the following transactions.1. Purchased 5,000 treasury shares at $45 per share.2. Resold 2,000 of the
(Preferred Stock Entries and Dividends) Otis Thorpe Corporation has 10,000 shares of $100 par| 10) value, 8%, preferred stock and 50,000 shares of $10 par value common stock outstanding at December 31,| 2007.Instructions Answer the questions in each of the following independent situations.(a) If
(Correcting Entries for Equity Transactions) Pistons Inc. recently hired a new accountant with 4) extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the
(Analysis of Equity Data and Equity Section Preparation) For a recent 2-year period, the bal-4) ance sheet of Santana Dotson Company showed the following stockholders’ equity data at December 31 in millions.Instructions (a) Answer the following questions.(1) What is the par value of the common
(Equity Items on the Balance Sheet) The following are selected transactions that may affect 8) stockholders’ equity.Recorded accrued interest earned on a note receivable.Declared a cash dividend.Declared and distributed a stock split.Recorded a retained earnings restriction.Recorded the

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