Question

In: Accounting

On January 5, 2017, Vaughn Corporation received a charter granting the right to issue 4,800 shares...

On January 5, 2017, Vaughn Corporation received a charter granting the right to issue 4,800 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 49,300 shares of $10 par value common stock. It then completed these transactions.

Jan. 11

Issued 20,400 shares of common stock at $16 per share.

Feb. 1

Issued to Sanchez Corp. 4,000 shares of preferred stock for the following assets: equipment with a fair value of $52,700; a factory building with a fair value of $175,000; and land with an appraised value of $292,000.

July 29

Purchased 1,800 shares of common stock at $16 per share. (Use cost method.)

Aug. 10

Sold the 1,800 treasury shares at $13 per share.

Dec. 31

Declared a $0.50 per share cash dividend on the common stock and declared the preferred dividend.

Dec. 31

Closed the Income Summary account. There was a $190,000 net income.

Prepare the stockholders’ equity section of Vaughn Corporation’s balance sheet as of December 31, 2017. (Enter account name only and do not provide descriptive information.)

Solutions

Expert Solution


Related Solutions

On January 5, 2020, Waterway Corporation received a charter granting the right to issue 5,100 shares...
On January 5, 2020, Waterway Corporation received a charter granting the right to issue 5,100 shares of $100 par value, 9% cumulative and nonparticipating preferred stock, and 50,000 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 20,700 shares of common stock at $17 per share. Feb. 1 Issued to Sanchez Corp. 3,600 shares of preferred stock for the following assets: equipment with a fair value of $52,200; a factory building with a fair...
On January 5, 2020, Wildhorse Corporation received a charter granting the right to issue 5,200 shares...
On January 5, 2020, Wildhorse Corporation received a charter granting the right to issue 5,200 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 51,700 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 19,800 shares of common stock at $15 per share. Feb. 1 Issued to Sanchez Corp. 3,900 shares of preferred stock for the following assets: equipment with a fair value of $49,200; a factory building with a fair...
On January 5, 2020, Marin Corporation received a charter granting the right to issue 5,100 shares...
On January 5, 2020, Marin Corporation received a charter granting the right to issue 5,100 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 48,600 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 19,900 shares of common stock at $16 per share. Feb. 1 Issued to Sanchez Corp. 4,100 shares of preferred stock for the following assets: equipment with a fair value of $52,500; a factory building with a fair...
On January 5, 2020, Whispering Corporation received a charter granting the right to issue 4,600 shares...
On January 5, 2020, Whispering Corporation received a charter granting the right to issue 4,600 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 45,800 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 20,900 shares of common stock at $16 per share. Feb. 1 Issued to Sanchez Corp. 3,700 shares of preferred stock for the following assets: equipment with a fair value of $49,900; a factory building with a fair...
On January 5, 2018, Parker Corporation received a charter granting the right to issue 6,000 shares...
On January 5, 2018, Parker Corporation received a charter granting the right to issue 6,000 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 60,000 shares of $10 par value common stock. It then completed these transactions: Jan. 15th. Issued 40,000 shares of common stock at $18 per share. Feb. 22nd. Issued to Martinez Corp. 3,000 shares of preferred stock for the following assets: equipment with a fair value of $30,000; a factory building with a fair...
Problem 15-1 On January 5, 2017, Oriole Corporation received a charter granting the right to issue...
Problem 15-1 On January 5, 2017, Oriole Corporation received a charter granting the right to issue 5,200 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 46,600 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 20,300 shares of common stock at $16 per share. Feb. 1 Issued to Sanchez Corp. 3,600 shares of preferred stock for the following assets: equipment with a fair value of $48,600; a factory building with...
Problem 15-1 On January 5, 2017, Skysong Corporation received a charter granting the right to issue...
Problem 15-1 On January 5, 2017, Skysong Corporation received a charter granting the right to issue 5,500 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 48,400 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 21,900 shares of common stock at $16 per share. Feb. 1 Issued to Sanchez Corp. 3,900 shares of preferred stock for the following assets: equipment with a fair value of $50,800; a factory building with...
Problem 15-1 On January 5, 2017, Crane Corporation received a charter granting the right to issue...
Problem 15-1 On January 5, 2017, Crane Corporation received a charter granting the right to issue 5,400 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 46,800 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 19,700 shares of common stock at $16 per share. Feb. 1 Issued to Sanchez Corp. 3,800 shares of preferred stock for the following assets: equipment with a fair value of $46,000; a factory building with...
Cheyenne Corporation was organized on January 1, 2017. It is authorized to issue 9,500 shares of...
Cheyenne Corporation was organized on January 1, 2017. It is authorized to issue 9,500 shares of 8%, $100 par value preferred stock, and 516,800 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,020 shares of common stock for cash at $7 per share. Mar. 1 Issued 5,750 shares of preferred stock for cash at $111 per share. Apr. 1 Issued 24,660 shares...
Marigold Corporation was organized on January 1, 2017. It is authorized to issue 10,300 shares of...
Marigold Corporation was organized on January 1, 2017. It is authorized to issue 10,300 shares of 8%, $100 par value preferred stock, and 518,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,740 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,370 shares of preferred stock for cash at $111 per share. Apr. 1 Issued 24,840 shares...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT