The stockholders’ equity accounts of Auburn Concept . on January 1, 2013 were as follows. Preferred...

The stockholders’ equity accounts of Auburn Concept . on January 1, 2013 were as follows.

Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized)		$300,000
Common Stock ($4 stated value, 300,000 shares authorized)		1,000,000
Paid-in Capital in Excess of Par Value—Preferred Stock		15,000
Paid-in Capital in Excess of Stated Value—Common Stock		480,000
Retained Earnings		693,000
Treasury Stock (5,000 common shares)		40,000

During 2013, the corporation had the following transactions and events pertaining to its stockholders’ equity.

Feb.	1	Issued 5,000 shares of common stock for $30,000.
Mar.	20	Purchased 1,000 additional shares of common treasury stock at $8 per share.
Oct.	1	Declared a 7% cash dividend on preferred stock, payable November 1.
Nov.	1	Paid the dividend declared on October 1.
Dec.	1	Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017.
Dec.	31	Paid the dividend declared on December 1.

(a)		Prepare a tabular summary that includes the January 1, 2013, balances. Do not include the beginning balance in Retained Earnings in the tabular summary.
(b)		Record the 2017 transactions in the tabular summary.

Solutions

Expert Solution

Requirement a:

Calculations:

Requirement b:

ekkarill92 answered 1 year ago

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