The shareholders' equity section of the balance sheet of Dodge, Inc. included the following accounts at...

  

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The shareholders' equity section of the balance sheet of Dodge, Inc. included the following accounts at December 31, 2016: Shareholders' Equity $ in millions Common stock, 70 million shares issued at no-par Retained earnings.... $752.5 $350 Required: During 2017, Dodge reacquired shares of its own common stock and later sold or retired the shares in separate transactions. Prepare the appropriate entries for the events listed below. DA a. On March 6, 2017, Dodge reacquired 10 million shares of stock at $9.50 per share but did not cancel them; they were all held as treasury stock. b. On September 3, 2017, the corporation sold 4 million of the shares it had reacquired at $8.00 per share. c. On October 12, 2017, the corporation sold 2 million of the shares it had reacquired at $10 per share. d. On November 30, 2017, the corporation proceeded to cancel half the remaining shares that were reacquired and restored their status to authorized. remaining shares that were reacquired and restored their status to authorized. Part B - 8 Marks AURKART YUKO On November 30, 2016, Div-Corp declared a dividend to preferred shareholders. The dividend is to be paid on January 15, 2017 to shareholders of record on December 15, 2016. On November 30, 2016 there were 300,000 Preferred shares outstanding which carry a $2 dividend per share. The preferred shares are cumulative, non- participating and non-voting. Prior to the dividend declaration the preferred share dividend was 3 years in arrears. Required: Prepare journal entries for ALL events described above. The shareholders' equity section of the balance sheet of Dodge, Inc. included the following accounts at December 31, 2016: Shareholders' Equity $ in millions Common stock, 70 million shares issued at no-par Retained earnings.... $752.5 $350 Required: During 2017, Dodge reacquired shares of its own common stock and later sold or retired the shares in separate transactions. Prepare the appropriate entries for the events listed below. DA a. On March 6, 2017, Dodge reacquired 10 million shares of stock at $9.50 per share but did not cancel them; they were all held as treasury stock. b. On September 3, 2017, the corporation sold 4 million of the shares it had reacquired at $8.00 per share. c. On October 12, 2017, the corporation sold 2 million of the shares it had reacquired at $10 per share. d. On November 30, 2017, the corporation proceeded to cancel half the remaining shares that were reacquired and restored their status to authorized. remaining shares that were reacquired and restored their status to authorized. Part B - 8 Marks AURKART YUKO On November 30, 2016, Div-Corp declared a dividend to preferred shareholders. The dividend is to be paid on January 15, 2017 to shareholders of record on December 15, 2016. On November 30, 2016 there were 300,000 Preferred shares outstanding which carry a $2 dividend per share. The preferred shares are cumulative, non- participating and non-voting. Prior to the dividend declaration the preferred share dividend was 3 years in arrears. Required: Prepare journal entries for ALL events described above.

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a On March 6 2017 Dodge reacquired 10 million shares of stock at 950 per share but did not cancel th... View the full answer