Team assignments solution week 4

Team assignments solution week 4 - EXERCISE 15-18 Part A...

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EXERCISE 15-18 Part A (a) 1. Dividends Payable—Preferred (2,000 X $8). ..... 16,000 Dividends Payable—Common (20,000 X $2). ... 40,000 Cash. ......................................................... 56,000 2. Treasury Stock. ................................................. 108,000 Cash (2,700 X $40). .................................. 108,000 3. Land. .................................................................. ............................................................................ 30,000 Treasury Stock (700 X $40). .................... 28,000 Paid-in Capital From Treasury Stock. ... 2,000 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 (1,800* X $45) 81,000 Common Stock Dividend Distributable
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X $5) 9,000 Paid-in Capital in Excess of Par— Common 72,000 *(20,000 2,700 + 700 = 18,000; 18,000 X 10%) 6. Common Stock Dividend Distributable 9,000 Common Stock 9,000 7. Retained Earnings
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Team assignments solution week 4 - EXERCISE 15-18 Part A...

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