FinancialACCT2 Chapter 10 Problem 36 Recording and Reporting Equity

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some specified ratio. es Required Match each term with the appropriate definition. vi- es PROBLEMS 36. Recording and Reporting Equity LO2, 3. 5,6. Camp Corporation had the following balances in its stockholders' equity at January 1: Common stock, $2 par value, 450,000 shares issued S 900,000 Additional paid-in capital Retained earnings 1,200,000 2,225,000 Treasury stock, at cost, 8,000 shares (48,000) During the year, Camp Corporation had the follow- ing transactions related to stockholders' equity: Issued 200,000 shares of common stock for Mar. 1 cash at $8 per share. e a Declared a 10% stock dividend, payable August 1. The stock was trading at $7 per July 1 es share on July 1. Aug. 15 Declared a $0.50 per share cash dividend to stockholders of record on payable September 15. Bought back 6,000 shares of common stock for $45,000. September 1, er. Oct. 1 e In addition to the above transactions, assume that during the year Camp generated net income of $520,000. Required a. Prepare the journal entries to record the four transactions. b. Post all necessary items to a Retained Earnings T-account to update the account. Hint: Do not forget the effect of net income. c. Prepare Camp's December 31 stockholders' equity section. d. Using end-of-year outstanding shares, calculate earnings per share for the year. 37. Errors in Equity Transactions LO2. 3.5.6 McLelland Industries had the following stockholders equity balances: January 1 December 31 Preferred stock, $5 par value, 6,400 shares issued and outstanding Common sta $ 38,400 luo View Review Data Formulas Page Layout Insert ce Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. fox X W V O P T U QR J K L M E FG H D C 1,600,000 Cash Mar. 1 400,000 1,200,000 Common Stock Additional Paid-In Capital To record sale of stock. 449,400 Retained Eamings July 1 128,400 321,000 Common Stock to Be Distributed Additional Paid-In Capital To record declaration of dividend. 128,400 Common Stock to Be Distributed Common Stock Aug. 1 128,400 To record payment of dividend. 353,100 Retainedmmon Stock Dividends Payable 15 353,100 To record declaration of dividend. No entry Sept. 1 Date of record of declared cash dividend. 353,100 Common Stock Dividends Payable Cash 15 353,100 To record payment of dividend. 45,000 Treasury Stock Cash Oct. 45,000 To record purchase of treasury stock. Dec. 31 To close out net income for the year. b. Optional: T accounts are provided to assist with determining final balances. Entries will not be graded. The new balance of each account will be automatically calculated in the last row the partial balance sheet will be graded. the account. Final balances transferred Additional Paid-In Capital Bal Common Stock 1,200,000 900,000 Bal. Bal. 1,200,000 900,000 Bal. Treasury Stock Retained Earning 48,000 2,225,000 Bal. Bal. 48,000 2,225,000 Bal. Bal. 3 P 10-36 Ready Camp Corporation Balance Sheet (Partial) December 31, 20- Stockholders' equity: Contributed capital: Common stock, $2 par, shares issued shares outstanding Additional paid-in capital Total contributed capital Retained eamings Treasury stock Total stockholders' equity shares Shares outstanding: Shares issued as of 1/1 Shares issued 3/1 Shares issued 8/1 Total shares issued Less treasury shares as of 1/1 Less treasury shares purchased 10/1 Shares outstanding 9 1 12 13 Earnings per share: 14 15 Not income 16 Common shares outstanding 1/1 Common shares outstanding 12/31 17 18 19 Total 20 21 22 123 124 125 126 Average shares outstanding Earnings per share 127 128 129 AP 10-36 8808588