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EXERCISE 15-18 - EXERCISE1518(a 1 Dividends...

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EXERCISE 15-18 (a) 1. Dividends Payable— Preferred (2,000 X $10) .... 20,000 Dividends Payable— Common (20,000 X $2) .... 40,000 Cash ....... 60,000 2. Treasury Stock 68,000 Cash (1,700 X $40)... 68,000 3. Land ................ .......................... 30,000 Treasury Stock (700 X $40) 28,000 Paid-in Capital From Treasury Stock 2,000
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4. Cash (500 X $105) ..................................................... 52,500 Preferred Stock (500 X $100) ........................ 50,000 Paid-in Capital in Excess of Par— Preferred ...................................................... 2,500 5. Retained Earnings (1,900* X $45) .......................... 85,500 Common Stock Dividend Distributable (1,900 X $5) .................................................. 9,500 Paid-in Capital in Excess of Par— Common ....................................................... 76,000 *(20,000 – 1,700 + 700 = 19,000; 19,000 X 10%) 6. Common Stock Dividend Distributable ................. 9,500 Common Stock ............................................... 9,500 7. Retained Earnings .................................................... 66,800 Dividends Payable—Preferred (2,500 X $10)
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