Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As...
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Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 125 shares of preferred stock and 1,100 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 Issue 1,100 additional shares of common stock for $11 per share. Issue 175 additional shares of preferred stock for $21 per share. April 1 June 1 June 30 August 1 Declare a cash dividend on both common and preferred stock of $0.30 per share to all stockholders of record on June 15. Pay the cash dividends declared on June 1. Purchase 175 shares of common treasury stock for $8 per share. October 1 Reissue 125 shares of treasury stock purchased on August 1 for $10 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,250; Common Stock, $1,100; Additional Paid-in Capital, $17,600; and Retained Earnings, $9,600. Net income for the year ended December 31, 2024, is $6,700. Problem 10-2B (Algo) Part 1 A Required: 1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 125 shares of preferred stock and 1,100 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 Issue 1,100 additional shares of common stock for $11 per share. Issue 175 additional shares of preferred stock for $21 per share. April 1 June 1 June 30 August 1 Declare a cash dividend on both common and preferred stock of $0.30 per share to all stockholders of record on June 15. Pay the cash dividends declared on June 1. Purchase 175 shares of common treasury stock for $8 per share. October 1 Reissue 125 shares of treasury stock purchased on August 1 for $10 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,250; Common Stock, $1,100; Additional Paid-in Capital, $17,600; and Retained Earnings, $9,600. Net income for the year ended December 31, 2024, is $6,700. Problem 10-2B (Algo) Part 1 A Required: 1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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1 March 1 Nautical issued 1100 additional shares of common stock for 11 per share Common Stock incre... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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