15-18Preferred
Stock11%100parAuthorized10000Issued2120212000Common
Stock5ParAuthorized118050Issued23610118050Additional Paid-in
Capital126100Retained Earnings473700Total9298501)Paid
Preferred11per share23320Common4per
share944402)Purchased1600sharesCommon39per
share624001164503)Reissued690TreasuryLand316502270022704)Issued510Preferred108per
share55080Net Income3472005)Declared10%DividendCommon Stock46per
shareOutstanding6)Issued Stock
DividendPreferred2630263000Common249701294007)Declared Annual 11Per
SharePreferredTresasury Stock354904Per ShareCommonAdd
Paid227990Payable in next yearRetained Earnings587670Journal
Entries1)Dividends Payable - Preferred23320Dividends Payable -
Common94440 Cash1177602)Treasury Stock62400 Cash624003) Land31650
Treasury Stock26910 Paid-in Capital from Treasury
Stock47404)Cash55080 Preferred Stock51000 Paid-In Captial in Excess
of Par - Preferred Stock40805)Retained Earnings104420 Common Stock
Dividend Distributable11350 Paid-In Capital in Excess of Par -
Common Stock930706)Common Stock Dividend Distributable11350 Common
Stock113507)Retained Earnings128810 Dividends Payable - Preferred
Stock28930 Dividends Payable - Common Stock99880Stockholder Equity
Captial Stock Preferred263000 Common129400Total Capital
Stock392400Additional Paid-IN227990Total Paid-IN
Capital620390Retained Earnings587670Total Paid-IN Cap &
RE1208060less: Treasury Stock35490Total Stockholders'
Equ.1172570
15-2Preferred
StockAuthorized10580SharesPreferredCommon8%71par10580535000Common
Stock561080510Authorized5350001810240402per
sharenopar3160RM80510OS74201058010-JanIssued80510Common Stock6per
share10580328780RM1-MarIssued5610Preferred Stock113per
shareOS206220
1-AprIssued24040Common Stockfor
landAsking90810FV805101-MayIssued80510Common Stock8per
share1-Augissued10580Common Stockfor
attorneysbill503601-SepIssued10580Common Stock10per
share1-NovIssued1810Perferred Stock115per shareGeneral
Journal10-JanCash483060 Common Stock161020 Paid-In Capital in
Excess of Stated Value - Common Stock3220401-MarCash633930
Preferred Stock398310 Paid-in Capital in Excess of Par - Preferred
Stock2356201-AprLand80510 Common Stock48080 Paid-In Capital in
Excess of Stated Value - Common Stock324301-MayCash644080 Common
Stock161020 Paid-in Capital in Excess of Stated Value - Common
Stock4830601-AugOrganiation Expense50360 Common Stock21160 Paid-in
Capital in Excess of Stated Value - Common
Stock292001-SepCash105800 Common Stock21160 Paid-in Capital in
Excess of Stated Value - Common Stock846401-NovCash208150 Preferred
Stock128510 Paid-in Capital in Excess of Par - Preferred
Stock79640
15-5500Shares10Par ValueCommon Stock100Shares107Par
ValuePreferred StockLump Sum of 109000a) Prepare the jounral entry
for the issuance when the Market Price of the Common Share is
168each and Market price of the Preferred is213each.b) Prepare the
jounral entry for the issance when only the market price of the
common stock is known and it is 186.6per shareLump
Sum109000Lump-sum Receipt109000Par- Common5000Allocated to
Common93300Par- Preferred10700Balance Allocated to
Preferred1570015700Paid in Capital in Excess of Par- Common
Stock88300FV of Common84000Paid-in Capital in Excess of Par-
Preferred Stock5000FV of Preferred21300105300Allocated to
Common86952Allocated to Preferred22048109000a)Cash109000 Common
Stock5000 Paid-in Capital in Excess of Par- Common Stock81952
Preferred Stock10700 Paid-in Capital in Excess of Par- Preferred
Stock11348b)Cash109000 Common Stock5000 Paid-in Capital in Excess
of Par- Common Stock88300 Preferred Stock10700 Paid-in Capital in
Excess of Par- Preferred Stock5000
15-6533004per shareCommon StockAuthorized to Issue1)547054per
shareless79802)1420for land53300~55per share3)Purchased53042per
sharewere issued at 38per sharea)Cash287400 Common Stock21880
Paid-in Capital in Excess of Par- Common Stock265520b)Land78100
Common Stock5680 Paid-in Capital in Excess of Par- Common
Stock72420c)Treasury Stock22260 Cash22260
Q1Preferred11170100par6%8Common521009par10667020201060NOT
REPORTEDPreferred Stock3700003700266400 Common266400 Pain-in Excess
of Par- Common103600370000103600Paid-In
Capital1184020111700067020Preferred Stock1117000468900Paid-In
Capital in Excess of Par- Preferred67020
Q25-JanCumulativenonparticipatingPreferred
Stock5300104Par7%Common Stock5400011Par11-JanCash372640 Common
Stock24112011-JanIssued21920Common Stock17per share Paid-In Capital
in Excess-Common
Stock1315202411203726401-FebEquipment593201-FebIssued4700PreferredBuildings172800EquipmentFV5932044080Land325800FactoryFV172800
Preferred Stock488800LandApprised Value325800 Paid-in Capital in
Excess- Preferred Stock6912048880055792029-JulTreasury
Stock3534029-JulPurchased1860Common19per share
Cash353403534098643421610-AugCash2418010-Augsold1860treasury13per
shareRetained Earnings1116024180 Treasury Stock35340
31-Decdeclared0.45common dividend31-DecRetained
Earnings44080preferred dividend38584 Dividends Payable44080
31-DecClosed Income Summary31-DecIncome Summary180440Net
Income180440 Retained Earnings180440
Capital Stock Preferred Stock488800 Common Stock241120 Total
Capital Stock729920Additional Paid-in Capital Paid-in Capital in
Excess- Preferred Stock69120 Paid-in Capital in Excess- Common
Stock131520200640Total Paid-in Capital930560 Retained
Earnings125200 Total Stockholders' Equity1055760
Q3Preferred208%Capital StockCommon5 Preferred Stock3886000
Common Stock10734500Preferred Stock1563003126000250080 Total
Capital Stock14620500Common Stock208800010440000Additional Paid-in
CapitalPaid-In Capital in Excess of Par- Preferred Stock207500
Paid-in Capital in Excess- Preferred321500Paid-In Capital in Excess
of Par- Common Stock27790000 Paid-in Capital in Excess-
Common28732400Retained Earnings4539000 Paid-in Capital from
Treasury20800290747001-JanPreferred 3800023 Total Paid-in
Capital436952001-FebCommon5890021Retained
Earnings44930251-JunSplit2-for-1Par 2.5Total Paid-in Capital and
Retained Earnings481882251-JulCommon35100Treasury10per shareLess:
Treasury Stock24700015-Sep10400Treasury12per share Total
Stockholders' Equity4794122531-DecPreferred
250080Common0.4593960031-DecNet Income2186000Preferred
StockExcess31260002075007600001140003886000321500
CommonExcess10440000277900002945009424001073450028732400
Retained4539000-310880-192109521860004493025
TreasuryExcess35100020800-10400024700020800
Q4AssetsCurrent Assets$48,900Equity InvestmentsABC
Stock10,710Shares @cost$42,840$4Equipment
(net)$255,100Intangibles$60,730 Total Assets$407,570Liabilities and
Stockholders' EquityCurrent and Long Term
Liabilites$103,800Stockholders' Equity Common Stock
$5Par$22,8004560 Paid-in Capitial in Excess of Par$113,900 Retained
Earnings$167,070$303,770 Total Liabilites and Stockholders'
Equity$407,570
Declares and Pays$0.58per shareDividenda)ChangeAmount Total
AssetsDecrease$2,645 Common Stock No Effect Paid-in Capitial in
Excess of ParNo Effect Retained EarningsDecrease$2,645Total
Stockholders' EquityDecrease$2,645
Declares and Issues a10%Stock Dividend when the Market Price is
$14per shareb)ChangeAmount Total AssetsNo Effect Common Stock
Increase$2,280 Paid-in Capitial in Excess of ParIncrease$4,104
Retained EarningsDecrease$6,384Total Stockholders' EquityNo
EffectDeclares and Issues a 30%Stock Dividend when the market Price
is$15per sharec)ChangeAmount Total AssetsNo Effect Common Stock
Increase$6,840 Paid-in Capitial in Excess of ParNo Effect Retained
EarningsDecrease$6,840Total Stockholders' EquityNo EffectDeclares
and Distributes a Property Dividend. 1Shareof its equity (ABC
Stock) for every 2of its own.ABC is selling for 10per
shared)ChangeAmount Total AssetsDecrease$9,120 Common Stock No
Effect Paid-in Capitial in Excess of ParNo Effect Retained
EarningsDecrease$9,120Total Stockholders'
EquityDecrease$9,120Declares a 3for 1Stock Split and issues New
Sharese)ChangeAmount Total AssetsNo Effect Common Stock No Effect
Paid-in Capitial in Excess of ParNo Effect Retained EarningsNo
EffectTotal Stockholders' EquityNo Effect
