week 2 team acc423 - 3360000 2 3\12 preferred July 1 - Aug...

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1/11/2007 Cash 320000 Common Stock 100000 paid in capital in excess of par 220000 2/1/2007 Machinery 50000 Buildings 110000 Land 270000 Preferred Stock 400000 Paid in capital in excess of par 30000 7/29/2007 Treasury Stock 34200 Cash 34200 8/10/2007 Cash 25200 Paid in caital from treasury stock 9000 Treasury stock 34200 12/31/2007 Retained Earnings 37000 Dividends Payable-common 5000 Dividends Payable-preffered 32000 12/31/2007 Income Summary 175700 Retained Earnings 175700
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Drabek Corporation Stockholders Equity 31-Dec-07 Preffered Stock-$100 par, 8%, 5000 authorized, 4000 outstanding 400000 Common stock-$5 par, 50000 authorized, 20000 outstanding 100000 Total Capital Stock 500000 Excess over par-preffered 30000 Excess over par-common 220000 250000 Total paid in capital 750000 Retained Earnings 129700 Total Stockholders Equity 879700
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Date Event Shares Outstanding Restatement fraction of year Jan 1 - Apr 1 Beginning Balance 3150000 2 3\12 5% stock dividend Apr 1 - july 1 Conversion of
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Unformatted text preview: 3360000 2 3\12 preferred July 1 - Aug 1 stock split 6720000 1\12 Aug 1 - Nov 1 Issued shares for 7020000 3\12 building Nov 1 - dec 31 Purchased treasury 6996000 2\12 stock Total Number of shares to compute basic earnings per share 6736000 Convertible preferred stock-outstanding (500000x2x1.05) 1050000 Convertible preferred stock-converted (200000x2x1.05x3/12) 105000 Jan-March-Stock not converted Number of shares to compute diluted earnings per share 7891000 After tax net income 13550000 Preferred stock dividends March 31 (700000x.75) 525000 June 31, Sept 30, Dec 31 (700000x.75x3) 1125000 1650000 Adjusted net income 11900000 Weighted Shares 1575000 1680000 560000 1755000 1166000 6736000 1200000/(6000000/10) = $2 per share (6000000/10 + 2000000/1000 x 40) + (3000000/100x3) + (500000/20)= 795000 1200000/795000 = $1.51 per share...
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week 2 team acc423 - 3360000 2 3\12 preferred July 1 - Aug...

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