Question
In: Accounting
On January 1, 2021, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2021, Gerlach Inc. had the following account
balances in its shareholders' equity accounts.
| Common stock, $1 par, 257,000 shares issued | $ | 257,000 |
| Paid-in capital—excess of par, common | 514,000 | |
| Paid-in capital—excess of par, preferred | 135,000 | |
| Preferred stock, $100 par, 13,500 shares outstanding | 1,350,000 | |
| Retained earnings | 2,700,000 | |
| Treasury stock, at cost, 5,700 shares | 28,500 | |
During 2021, Gerlach Inc. had several transactions relating to
common stock.
| January | 15: | Declared a property dividend of 100,000 shares of Slowdown Company (book value $10.7 per share, fair value $9.35 per share). | ||
| February | 17: | Distributed the property dividend. | ||
| April | 10: | A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. The fair value of the stock was $4 on this date. | ||
| July | 18: | Declared and distributed a 3% stock dividend on outstanding common stock; fair value per share, $5. | ||
| December | 1: | Declared a 50 cents per share cash dividend on the outstanding common shares. | ||
| December | 20: | Paid the cash dividend. |
Required:
Record the above transactions and events in journal entry format.
(If no entry is required for a transaction/event, select
"No journal entry required" in the first account
field.)
Solutions
ekkarill92 answered 2 years agoRelated Solutions
On January 1, 2021, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2021, Gerlach Inc. had the following account
balances in its shareholders' equity accounts.
Common stock, $1 par, 252,000 shares issued
$
252,000
Paid-in capital—excess of par, common
504,000
Paid-in capital—excess of par, preferred
110,000
Preferred stock, $100 par, 11,000 shares outstanding
1,100,000
Retained earnings
2,200,000
Treasury stock, at cost, 5,200 shares
26,000
During 2021, Gerlach Inc. had several transactions relating to
common stock.
January
15:
Declared a property dividend of 100,000 shares of Slowdown
Company (book value...
On January 1, 2018, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2018, Gerlach Inc. had the following account
balances in its shareholders' equity accounts. Common stock, $1
par, 248,000 shares issued 248,000 Paid-in capital - excess of par,
common 496,000 Paid-in capital - excess of par, preferred 160,000
Preferred stock, $100 par, 16,000 shares outstanding 1,600,000
Retained earnings 3,200,000 Treasury stock, at cost, 4,800 shares
24,000 During 2018, Gerlach Inc. had several transactions relating
to common stock. January 15: Declared a property dividend of
100,000 shares of Slowdown...
On January 1, 2018, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2018, Gerlach Inc. had the following account
balances in its shareholders' equity accounts. Common stock, $1
par, 240,000 shares issued 240,000 Paid-in capital - excess of par,
common 480,000 Paid-in capital - excess of par, preferred 200,000
Preferred stock, $100 par, 20,000 shares outstanding 2,000,000
Retained earnings 4,000,000 Treasury stock, at cost, 4,000 shares
20,000 During 2018, Gerlach Inc. had several transactions relating
to common stock. January 15: Declared a property dividend of
100,000 shares of Slowdown...
On January 1, 2016, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2016, Gerlach Inc. had the following account
balances in its shareholders' equity accounts.
Common stock, $1 par, 250,000
shares issued
250,000
Paid-in capital—excess of par,
common
500,000
Paid-in capital—excess of par,
preferred
100,000
Preferred stock, $100 par,
10,000 shares outstanding
1,000,000
Retained earnings
2,000,000
Treasury stock, at cost, 5,000
shares
25,000
During 2016, Gerlach Inc. had several transactions relating to
common stock.
January 15:
Declared a property dividend of
100,000 shares of Slowdown
Company (book value $10...
On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common...
On January 1, 2021, Fascom had the following account balances in
its shareholders' equity accounts.
Common stock, $1 par, 253,000 shares issued
$
253,000
Paid-in capital–excess of par, common
506,000
Paid-in capital–excess of par, preferred
115,000
Preferred stock, $100 par, 11,500 shares outstanding
1,150,000
Retained earnings
2,300,000
Treasury stock, at cost, 5,300 shares
26,500
During 2021, Fascom Inc. had several transactions relating to
common stock.
January
15:
Declared a property dividend of 100,000 shares of Slowdown
Company (book value $10.3...
On January 1, 2015, Thomson Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2015, Thomson Inc. had the following account
balances in its shareholders' equity accounts.
Common stock, $1 par, 250,000 shares issued of
which 3,000 Shares being held as treasury
stock
$250,000
Paid-in capital excess of par,
common
500,000
Preferred stock, $100 par, 10,000 shares
outstanding 1,000,000
Paid-in capital excess of par, preferred
100,000
Retained earnings
2,000,000
Treasury stock, at cost, 3,000 shares
15,000
...
On January 1, 2017, Thomson Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2017, Thomson Inc. had the following account balances
in its shareholders' equity accounts.
Common
stock, $1 par, 350,000 shares issued of
which
20,000 Shares being held as treasury stock
$350,000
Paid-in
capital excess of par, common
500,000
Preferred
stock, $100 par, 10,000 shares outstanding
1,000,000
Paid-in capital excess of par, preferred
100,000
Retained
earnings
2,000,000
Treasury
stock, at cost, 20,000 shares
60,000
During 2017, Thomson Inc. had several transactions relating to
common stock.
2/10...
Crane Rental Corporation had the following balances in its shareholders' equity accounts at January 1, 2021:...
Crane Rental Corporation had the following balances in its
shareholders' equity accounts at January 1, 2021:
Accumulated other comprehensive income (loss)
$ (25,000
)
Contributed surplus—reacquisition of common shares
564,000
Retained earnings
1,580,000
Common shares (32,000 shares)
736,000
Crane had the following transactions and events during 2021:
Feb. 2
Repurchased 900 shares for $44,100.
Apr. 17
Declared and paid cash dividends of $80,000.
Oct. 29
Issued 2,300 shares for $92,000 cash.
Dec. 31
Reported comprehensive income of $384,000, which included...
On January 1, 2016, Fascom had the following account balances in its shareholders' equity accounts. Common...
On January 1, 2016, Fascom had the following account balances in
its shareholders' equity accounts.
Common stock, $1 par, 247,000
shares issued
247,000
Paid-in capital - excess of
par, common
494,000
Paid-in capital - excess of
par, preferred
165,000
Preferred stock, $100 par,
16,500 shares outstanding
1,650,000
Retained earnings
3,300,000
Treasury stock, at cost, 4,700
shares
23,500
During 2016, Fascom Inc. had several transactions relating to
common stock.
January 15:
Declared a property dividend of 100,000 shares of Slowdown
Company...
On January 1, 2017, Fascom had the following account balances in its shareholders' equity accounts. Common...
On January 1, 2017, Fascom had the following account balances in
its shareholders' equity accounts.
Common stock, $1 par, 250,000 shares issued
250,000
Paid-in capital–excess of par, common
500,000
Paid-in capital–excess of par, preferred
100,000
Preferred stock, $100 par, 10,000 shares issued
1,000,000
Retained earnings
2,000,000
Treasury stock, at cost, 5,000 shares
25,000
During 2017, Fascom Inc. had several transactions relating to
common stock.
January 15:
Bought for retirement 10,000 common shares at $ 5 per share.
February 17:
Sold...
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