Mxa 10.1

Assets Amount

Current assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $34,500

Property and equipment, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,300

Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $90,800

Liabilities and Equity

Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $37,400

Stockholders' equity:

$0.50 cumulative preferred stock, $15 par, 100 shares issued. 1,500

Common stock, $1 par, 5,700 shares issued. . . . . . . . . . . . . . . . 5,700

Paid-in capital in excess of parcommon. . . . . . . . . . . . . . . . . . 18,200

Retained earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,000

Total liabilities and equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $90,800

1. Journalize Torino Jewelry's transactions. Explanations are not required.

2. Report the company's stockholders' equity at December 31, 2019. Net income for 2019 was $25,000.

Torino Jewelry Company reported the following summarized balance sheet at December 31, 2018: (Click the icon to view the statement.) During 2019, Torino Jewelry completed these transactions that affected stockholders' equity: i (Click the icon to view the transactions.) Read the requirements Feb Jun Aug 13 Issued 5,500 shares of common stock for $4 per share. 7 Declared the regular cash dividend on the preferred stock. 24 Paid the cash dividend. 9 Declared and distributed a 20% stock dividend on the common stock Market price of the common stock was $7 per share. 26 Reacquired 1,200 shares of common stock as treasury stock, paying S11 per share. 20 Sold 400 shares of the treasury stock for $16 per share. 31 Declared a cash dividend of $0.30 per share on the outstanding common stock, dividends will be paid in January, 2020. Oct Nov Dec