Requirement: Using below Stockholders' Equity and below transactions, prepare T-accounts for each stockholders' equity account. Common...

Requirement: Using below Stockholders' Equity and below transactions, prepare T-accounts for each stockholders' equity account.

	Common stock $1 Par	Add. Paid in Cap	Retained Earnings	Treasury Stock	Total Share- Holders Equity
Bal. 1/1/2015	354,000	10,415,000	2,761,044	-	13,530,044
Common Shares	370,000	12,210,000
Shares Repurchase (83,500 shares)				(1,670,000)
Cash Dividends			(50,000)
Net Income			2,696,789
Bal. 12/31/2015	724,000	22,625,000	5,407,833	(1,670,000)	27,086,833
Cash Dividend Comm Stock			(75,000)
Stock div 5 for 4	181,000		(181,000)
Net Income			3,805,617
Bal. 12/31/216	905,000	22,625,000	8,957,450	(1,670,000)	31,817,450

Hawkins has two classes of shares: 1) 5% preferred with $10 par value, and 2) common stock with $1 par value.

Mrs. Wheeler was able to to recall the following transactions that occured during 2017:

1/1/17: Issues 400,000 shares of common stock at $31 per share. The underwriter charged a 3% fee for issuing the shares.

1/1/17: Issued 500,000 shares of its preferred sotck at $40 per share. The shares were privately placed and Hawkins did not pay share issue costs.

3/1/17: Purchased 220,000 shares of common stock at $35 per share.

6/30/17: Decalred a $450,000 dividend for the first half of the year.

7/1/17: Sold 105,000 of the treasury shares at $44 per share ( the company uses the FIFO method when determining par value of sold treasury shares)

9/1/17: Declared a distributed property dividend of shares of stock in Byers Corp Hawkins' purchased 3,570,000 shares of Byers Corp in 2016 for 28,560,000. On 9/1/17, shares of Byers Corp were trading at $1/50 per share.

12/31/17: Hawkins' reported a net income of $5,325,691 (which includes the effects of the transactions listed above.

Expert Solution

Cash					Common Stock
Date	Debit	Credit	Balance		Date	Debit	Credit	Balance
Date	Debit	Credit	Debit	Credit	Date	Debit	Credit	Debit	Credit
1/1/17	12028000		12028000		Beg.Bal.				905000
1/1/17	20000000		32028000		1/1/17		400000		1305000
3/1/17		7700000	24328000						1305000
7/1/17	4620000		28948000						1305000
7/15/17		450000	28498000						1305000
									1305000


APIC - Common Stock					Retained Earnings
Date	Debit	Credit	Balance		Date	Debit	Credit	Balance
Date	Debit	Credit	Debit	Credit	Date	Debit	Credit	Debit	Credit
Beg.Bal.				22625000	Beg.Bal.				8957450
1/1/17		11628000		34253000	6/30/17	450000			8507450
7/1/17		2197500		36450500	9/1/17	5355000			3152450
				36450500	12/31/17		5325691		8478141
				36450500					8478141
				36450500					8478141

Preferred Stock					APIC - Preferred Stock
Date	Debit	Credit	Balance		Date	Debit	Credit	Balance
Date	Debit	Credit	Debit	Credit	Date	Debit	Credit	Debit	Credit
Beg.Bal.				0	Beg.Bal.				0
1/1/17		5000000		5000000	1/1/17		15000000		15000000
				5000000					15000000
				5000000					15000000


Cash Dividends					Treasury Stock
Date	Debit	Credit	Balance		Date	Debit	Credit	Balance
Date	Debit	Credit	Debit	Credit	Date	Debit	Credit	Debit	Credit
6/30/17	450000		450000		Beg.Bal.			1670000
			450000		3/1/17	7700000		9370000
			450000		7/1/17		2422500	6947500


Dividends Payable					Property dividend Distributable
Date	Debit	Credit	Balance		Date	Debit	Credit	Balance
Date	Debit	Credit	Debit	Credit	Date	Debit	Credit	Debit	Credit
6/30/17		450000		450000	9/1/17		5355000		5355000
7/15/17	450000			0					5355000

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